I would suggest using Tax Caster to help you in that endeavor. Taxable income is the amount of income subject to tax, after deductions and exemptions For both individuals and corporations, taxable income differs from—and is less than—gross income.
Gross income includes income from wages, bonuses, tips, freelancing, rental properties, retirement plan payouts, unemployment benefits, court awards, gambling winnings and prizes, interest, digital assets and cryptocurrency, and royalties.
The standard deduction amounts for 2024 are $14,600 for single filers, $29,200 for joint filers, and $21,900 for heads of household. People 65 or older may be eligible for a higher amount. The 2024 standard deduction is taken on tax returns filed in 2025.
The 2024 tax brackets apply to income earned this year, which is reported on tax returns filed in 2025.
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Married filing separately
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I do hope this is helpful @Fay Bales
All the best,
Marc T.
TurboTax Live Tax Expert
27 Years of Experience Helping Clients
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