Getty Images The enhanced child tax credit captured America’s attention this summer as millions of families began receiving payments. But Congress also boosted a lesser-known write-off this year for working families: the child and dependent care tax credit. Often conflated with the child tax credit, the child and dependent care tax credit offers working parents
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Key Findings Taxpayers reported nearly $11.8 trillion of total income on their 2018 tax returns. About 67 percent ($7.9 trillion) of the total income reported on Form 1040 consisted of wages and salaries, and 82 percent of all tax filers reported earning wage income. Retirement accounts such as 401(k)s and pensions are important sources of
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Theoretical physicist Michio Kaku lauded a recent nuclear fusion experiment at Lawrence Livermore National Laboratory. “This is a giant step toward the holy grail of energy research,” said Kaku, professor of theoretical physics at the City College and City University of New York. “To hit break-even, to extract more energy than you put in, and
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In this article CSCO Cisco’s Chairman and CEO Chuck Robbins. Chesnot | Getty Images News | Getty Images Cisco shares moved slightly lower in extended trading on Wednesday after the networking hardware company reported earnings that exceeded analysts’ expectations. Here’s how the company did: Earnings: 84 cents per share, adjusted, vs. 82 cents per share
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This week’s map shows the five states that have an Alternative Minimum Tax (AMT) in their individual income tax codes: California, Colorado, Connecticut, Iowa, and Minnesota. Under an individual alternative minimum tax, many taxpayers are required to calculate their income tax liability under two systems and pay the higher amount. The federal AMT was created in 1963, after Congress
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