What Is The Standard Deduction For 2024 Taxes. As of the latest budget, the standard deduction for salaried individuals is ?50,000, which reduces taxable income directly. For 2024, the standard deduction rises to $15,600 for individuals and $31,200 for married couples filing jointly, which is up from $13,850 and $27,700 respectively in 2023.

But is there a compelling case for raising this limit? The irs noted that for the head of.