2024 Tax Rates And Standard Deductions For Seniors

2024 Tax Rates And Standard Deductions For Seniors. You are considered age 65 at the end of the year. You pay tax as a percentage of your income in layers called tax brackets.

 — the internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket for the income you earn in 2024. You pay tax as a percentage of your income in layers called tax brackets.