Uncover the astounding tax and wage changes in the US for 2024!

Big changes are coming to the US tax system and minimum wage in 2024 that are set to positively impact the pockets of Americans.

The IRS has confirmed a 5.4% rise in tax brackets for 2024, a move that aims to keep Americans from losing purchasing power due to inflation. This alteration means Americans will have a lighter tax burden in the coming year.

Accompanying this tax bracket adjustment, the standard deduction is also getting a boost. This deduction effectively reduces your taxable income, and it's on the rise across the board. For married couples filing jointly, the standard deduction will be lifted to ,200 from its previous ,700. On the other hand, individuals will see their standard deduction rise to ,600, up from ,850. Heads of households aren't being left out either; their standard deduction is slated to rise to ,900 from ,800.

So, what do these new tax brackets look like for 2024? Well, for individual filers, the brackets range from 10% for individuals with a taxable income up to ,600, and they go all the way up to 37% for those earning over ,350. Married couples filing jointly in 2024 will see tax brackets stretching from 10% for those with a taxable income up to ,200, and peaking at 37% for those bringing in over ,200.

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It's not just taxes seeing changes in the new year; the minimum wage is set for an uptick starting from January 1, 2024, in 22 states. The new minimum wage values differ from state to state, with some states seeing their minimum wage rocket to an impressive .28.

Despite these increases, 20 states, predominantly in the South and Midwest, will keep the federal minimum wage firmly rooted at .25. Additionally, some states are scheduled to implement industry-specific wage increases next year.

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