I just wrote up an example for 2020 for Single. Say your income is 50,000
Tax on 50,000 is 6,796
But you get a 12,400 Standard Deduction for Single
50,000-12,400 = 37,600 taxable income
Tax on 37,600 is 4,318 saving you 2,478 in taxes or just 20% of the 12,400 Deduction
