Federal Reserve chair Jerome Powell recently hinted at the possibility of cutting interest rates, which would be the first time this has happened in over four years. This move is seen as a response to changes in the economy, including falling inflation rates and signs of weakness in the labor market. The market response to
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When it comes to making decisions about your 401(k) contributions, it’s crucial to weigh your options carefully. Financial advisors often recommend taking advantage of all the benefits your employer offers, such as full matching contributions. However, before you rush to max out your plan account for 2024, there are several important factors to consider. One
The recent data breach at National Public Data is a major cause for concern as it potentially exposed billions of personal records to malicious actors. Reports suggest that over 2.7 billion records may have been leaked, highlighting the sheer magnitude of the breach. The compromised information includes sensitive details such as Social Security numbers, names,
Remote work has become a prominent feature of the U.S. labor market, with economists noting that it has significantly changed the way people work in recent years. The shift towards remote work, accelerated by the Covid-19 pandemic, is expected to have a lasting impact on how businesses operate and how employees carry out their duties.
Retirees often face challenges when it comes to managing their taxes, especially with multiple sources of income such as Social Security, pensions, retirement plans, and other investments. The IRS requires retirees to either withhold taxes or make quarterly payments to avoid penalties. The quarterly estimated tax deadlines for 2024 are April 15, June 17, Sept.
After funneling money into pretax retirement accounts, you will eventually face mandatory withdrawals in retirement known as required minimum distributions, or RMDs. Since RMDs can trigger higher taxes, the withdrawals can be a nuisance for some retirees who do not need the money. However, experts suggest that this yearly activity could offer a chance to
The upcoming presidential election has brought the issue of taxes to the forefront. The tax cuts enacted by former President Donald Trump through the Tax Cuts and Jobs Act (TCJA) are set to expire after 2025, leaving more than 60% of taxpayers vulnerable to potential tax increases in 2026. The Tax Foundation estimates that without
For the past 15 years, the federal minimum wage has remained stagnant at $7.25 per hour, marking a significant milestone in the struggle of working families to make ends meet. While various states have taken the initiative to enact higher minimum hourly pay rates, there are still 20 states where wages remain no higher than