Standard Deduction For 2024 Income. The withholding tax rate on mutual fund income for resident individuals has been set at 10%.however, if the annual income from mutual. The standard deduction is a fixed amount that employed individuals can subtract from their taxable salary income without needing to provide evidence of actual.

Standard deduction and other deductions/exemption. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an.