Business, Financial & Legal News - Page 1
Data from The Bureau of Labour Statistics has been used to create a new map that reveals the highest paying job in every state, excluding doctors.
A new report from Business Insider has revealed that there are several other high-paying jobs in many states across the US that aren't doctors. The data has been gathered by the Bureau of Labour Statistics' Occupational Employment Statistics program and found that chief executives or CEO's are the highest paying occupation in 22 States as well as DC.
Other than doctors, it was also found that airline pilots, co-pilots, and flight engineers are the top-paying jobs in six states. in the entirety of this article, you are fine to the 14 different high-paying jobs across the United States, excluding doctors. This list is composed in alphabetical order and also the mean salary for each state and DC. If you were interested in reading more of the story, check out this link here.
Under the American Rescue Plan, the Child Tax Credit has been significantly expanded, and payments will begin rolling out in the coming months.
According to the Internal Revenue Service (IRS) Commissioner, Charles Rettig, the IRS will begin sending out monthly payments in July. Under President Biden's newly signed law, American families will receive a $3,000 annual benefit per child aged between 6 and 17 years. Parents who have a child under the age of 6 will receive $3,600 for the 2021 tax year.
A full Child Tax Credit is available for individuals who have children and earn less than $75,000, or $150,000 for a married couple filing jointly. The payments phase out for individuals earning $95,000 a year or married couples that file jointly and earn $170,000 a year. Rettig stated that for families to receive the credit, they must file a 2020 tax return, and if no 2020 tax return is filed, then the IRS won't be able to issue a payment. For more information on this story, check out this link here.
A brand new round of COVID-19 stimulus checks have been sent out by the Internal Revenue Service, and included in this round of checks is additional supplemental payments.
So, how do you know if you qualify for a supplemental payment, or as the IRS has named it, a "plus-up" payment? Plus-up payments will be issued for anyone who received a stimulus check in March based on their 2019 tax returns but is now eligible for a new or larger payment based on their 2020 tax returns.
Additionally, people who saw a drop in income in 2020 compared to 2019 could also be eligible for a plus-up payment and those who had a child or added a dependent in 2020. If you were wondering what qualifies you for a payment, an individual must earn less than $75,000 or $150,000 for a married couple that files jointly. The payments phase out for individuals earning $95,000 a year or $170,000 a year for married couples that file jointly. For more information, check out this link here.
Another round of stimulus payments being sent out to struggling Americans is a very hot topic of debate, but there is something that is stirring that could see a fourth round of checks come to life.
At the moment, the White House hasn't suggested that a fourth stimulus payment is in the works, but it may easily be added in the next major economic package to come to the table. 21 Senators all signed a letter address to President Biden regarding adding stimulus checks to the next round of COVID-19 relief legislation and that these checks would be recurring. These recurring payments could be as much as $2,000 a month until the pandemic is declared to be over.
Similar to the third round of payments currently rolling out, the total amount for a fourth stimulus payment may be slightly different to the amounts we have seen in previous stimulus payments. This is because the US economy is in a very different spot than it was when the $1,400 payment legislature was conceived. The Bureau of Labor Statistics reported an increase of 916,000 jobs in March, along with ever-growing vaccination numbers, may cause a fourth stimulus payment if it's passed to be much lower than $1,400.
Millions of Americans are receiving their stimulus payments under President Joe Biden's American Rescue Plan that was recently passed.
Back on April 10th, the first of the stimulus payments are set to arrive, and a family of four will be receiving $8,200, with each parent and a child receiving $1,400, and due to the increase in Child Tax Credit, families will also get $2,600 more in tax credits. The IRS is already rolling out the third round of stimulus payments, and according to the IRS website, it's faster to receive your payment electronically rather than physically; check, or EIP debit card.
The Treasury Department will issue checks or debit cards to anyone who doesn't have a bank registered, which will come with some delays. For example, anyone who hasn't filed their 2019 or 2020 tax returns may experience a slight delay with their payment. Something else to note as an example is that if you lost your job in 2020 and say you earned $50,000 instead of $100,000, which is what the IRS had down for your income, you are now eligible for a stimulus payment as your income has dropped into the eligible criteria.
A parent from New York is insisting on marrying their adult child, and in an effort to make it legal, that parent has filed a lawsuit.
The lawsuit has been filed in Manhattan Federal Court in April and reads that the "proposed spouses are adults" and are "biological parent and child" who are "unable to procreate together". The lawsuit's purpose is to overturn the current laws that prohibit the marriage between a parent and a child. According to a report, the parent wants to stay anonymous, as what they want is "an action that a large segment of society views as morally, socially and biologically repugnant."
At the moment, it isn't known what gender the parent or the child is, how old either party is, or where they live. Currently, in New York state, incest is a felony, and incestuous marriages can be charged with fines and jail time. The parent who is filing the lawsuit has said that this is a matter of "individual autonomy" and that they'd "sustain emotional harm" if they were married under current laws as "Parent and Adult Child Non-Procreationable".
President Biden unveiled a huge $2 trillion infrastructure package back in March, inside of which were plans to build domestic (US-based) chip manufacturing plants with $50 billion of investment into the sector.
The White House has asked for new funding to get through the continued semiconductor shortage, with the Biden administration requesting $150 million in funding for two new manufacturing programs. On Monday, the White House and cabinet officials will be hosting a virtual CEO summit on on semiconductor supply chain resilience.
President Biden and his team will talk with companies including Alphabet, AT&T, Ford, General Motors, Intel, and Samsung.
At the moment, there isn't anything official about a fourth stimulus payment rolling out Americans, but there is large support by lawmakers.
The IRS is still rolling out the third stimulus payments to eligible Americans, and so far, the taxation body has issued 156 million payments. Once the total number of third-round stimulus payments have been completed, could we see a fourth round? More than 150 economists, including former Obama administration economist Jason Furman, have signed a letter that urges President Biden for "recurring direct stimulus payments, lasting until the economy recovers."
The Senators wrote in their letter, "Almost 6 in 10 people say the $1,400 payments set to be included in the rescue package will last them less than three months", and while there is substantial support for a fourth round of stimulus payments, the likelihood of it happening seems dwindling, at least for the time being. According to Raymond James analyst Ed Mills, who told CNBC, "I think it's unlikely at this time", as Biden is focussing on advancing its $2 trillion infrastructure plan.
New York lawmakers have passed a $2.1 billion aid package aimed at assisting illegal immigrants throughout the state.
According to the newly passed legislation, illegal immigrants that lost work due to the COVID-19 pandemic in 2020 may be eligible to receive up to $15,600. This payment is equivalent to $300 a week for every week in 2020. The New York Times reports, "Undocumented workers could receive up to $15,600, the equivalent of $300 per week for the last year, if they can verify that they were state residents, ineligible for federal unemployment benefits and lost income as a result of the pandemic."
The new measure was met by heavy criticism by Republicans, as a publicly funded rescue program aimed at assisting people who haven't entered the country legally could be wielded against them in future elections. Rob Ortt, the Republican minority leader in the State Senate, said, "Democrats are raising taxes and using your federal stimulus dollars to enact a radical agenda rather than helping veterans, small main street businesses, teachers and senior citizens".
If you have been patiently waiting for the U.S. government's fourth batch of stimulus payments to hit your account or letter box, here's the date for when they were sent out.
On April 7, the Internal Revenue Service, along with the U.S. Department of the Treasury and the Bureau of the Fiscal Service, announced that they will be sending out more than 25 million stimulus payments as a part of the fourth batch of Economic Impact Payments. Approximately 156 million payments have been set out so far, which equates to approximately $372 billion.
As for the fourth batch of payments, processing for these payments began on Friday, April 2, and the official payment date is April 7. It should be noted that some people will be receiving direct deposit payments in their bank accounts, and below we have a breakdown of what this new batch of payments includes. If you want to check out the status of your stimulus payment, use the IRS Get My Payment tool here.