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☆ Alex Murdaugh's banker convicted for role in alleged scheme to steal money from clients' legal settlements
▼ + stars: | 2022-11-23 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

Former Palmetto State Bank CEO Russell Laffitte was allowed to remain free on bail as he awaits sentencing at a later date. Former Palmetto State Bank CEO Russell Laffitte exits federal court in Charleston, S.C. on Sept. 6. Laffitte loaned Murdaugh and himself money from those settlements, diverting that money from personal injury or death cases. An employee at Laffitte’s bank testified she confronted Murdaugh about missing fees from one of his cases hours before the killings. More than a third of the witnesses in Laffitte’s trial were his relatives, with most of them testifying for prosecutors.

☆ Get paid via Venmo, Etsy or Airbnb? Here’s what you need to know before tax season
▼ + stars: | 2022-11-23 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

If you get paid through apps like Venmo or PayPal or platforms like Etsy or Airbnb, preparing your taxes next year may be a little more confusing than usual. But the new lower threshold of $600 opens the door to a virtual paper chase of tax forms for the 2023 tax filing season. But the 1099-K reporting will make it harder for someone to evade the taxes they owe by underreporting their business income. Lastly, the 1099-K reporting rule does not apply to any transactions made through Zelle. But the IRS may still get reporting on at least some of your business transactions on Zelle, Walker said.

☆ 'It killed my spirit': How 3 teachers are navigating the burnout crisis in education
▼ + stars: | 2022-11-22 | by ( Morgan Smith | ) www.cnbc.com time to read: +6 min

After two years of weathering pandemic disruptions, safety concerns and tense public scrutiny, burned-out teachers have quit the profession in droves. At least 300,000 public-school teachers and other staff left the field between February 2020 and May 2022, The Wall Street Journal reports. Some teachers quit because of the challenges of teaching during a global pandemic, while others, taking note of the Great Resignation, found higher-paid opportunities in other industries. "He began the conversation about how education is full of inequity, and how teachers can help resolve some of the inequity that exists." When her school re-opened for the 2021-2022 school year, Paulino felt even more lost.

☆ Premarket stocks: Recession fears receded this earnings season
▼ + stars: | 2022-11-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

So can the United States avoid a serious recession? What’s happening: As the third-quarter earnings season wraps up, it appears that CEOs may think so. The past month has brought with it a solid earnings season and a bevy of encouraging economic data that shows a slowing pace of inflation. The United States will enter a “mild recession in the second half of 2023, they said. All regions of the United States saw month-over-month and year-over-year declines.

☆ Get ready for bigger paychecks: Record high increases expected in 2023
▼ + stars: | 2022-11-18 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

Employers are planning to increase their salary budgets by 4.6% next year, the highest expected annual jump in 15 years. That’s according to the latest international survey from consulting firm Willis Towers Watson, which included responses from 1,550 US employers. This year, for instance, 70% of organizations surveyed by Willis Towers Watson said they spent more than they originally planned. “Certain jobs will get a disproportionate share [of the salary budget increase] because they are critical or difficult to hire for.”Gartner is expecting even larger pay increases next year. Its survey of employers, conducted in September and October, found that organizations in North America expect to offer merit increases of 7% on average.

☆ Even though markets were bearish, 401(k) participants kept investing last quarter
▼ + stars: | 2022-11-17 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

401(k) participants have held relatively steady in their savings contribution rates and in their portfolio allocations, according to new third quarter data from Fidelity Investments. That’s down 6% from the second quarter and 23% from a year earlier. But the average savings rate among 401(k) participants, meanwhile, held relatively steady at 13.8%, which includes both employee and employer contributions. That’s only down a fraction from the 13.9% recorded in the second quarter and the 14% recorded in the first quarter. Allocations also held fairly steady, Fidelity found, with only 4.5% of 401(k) and 403(b) plan participants opting to make a change in the third quarter.

☆ Flu, RSV, Covid: 6 ways employers can deal with a potential wave of absences
▼ + stars: | 2022-11-16 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

Despite concerns about staff calling out, most employers no longer require anyone to wear a mask at work. Be honest about what company policies incentivizeOffering paid sick leave is a good way to ensure employees feel comfortable calling in sick. Yet a lot of employers don’t provide paid sick leave and they may just offer a few paid personal days. “That doesn’t give people flexibility to stay home [when they’re sick],” Mishra said. Employers may minimize employee absences if they can subsidize back-up day care options for working parents, Mishra noted.

☆ What’s behind wide salary ranges after New York’s pay transparency law
▼ + stars: | 2022-11-14 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

Yet that’s the kind of differential that is popping up in some job ads that have posted since New York City’s pay transparency law took effect on November 1. The answer may differ from employer to employer since there is no uniform practice in how a company should set its minimum and maximum pay range. She noted that candidates and employees are more likely to believe a company is fair if it posts narrower ranges. New York City’s pay transparency law doesn’t mandate that the actual offer a company makes to a candidate falls within the advertised range. And be very realistic about the experience you bring to a job, since that is a key element in setting pay.

☆ Beware: The companies that hold your crypto aren’t insured the way banks are
▼ + stars: | 2022-11-13 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

But now, in the wake of crypto exchange FTX’s implosion, crypto investors were reminded of another risk they face: Crypto accounts lack guaranteed protections when the exchange or platform provider goes belly up. But most banks and brokerages, as well as 401(k) plans, do provide federally guaranteed protections and other insurance. What’s more, customers may unwittingly agree to let the company running an exchange or platform use their digital assets. Bank and credit union accountsIf you have a checking or savings account, a money market deposit account or certificates of deposit at a bank or credit union, make sure the institution has deposit insurance. There are several types of deposit accounts you may have at one bank (e.g., personal account, business account, etc.)

☆ Meet All the 2022 WSJ. Magazine Innovators
▼ + stars: | 2022-11-11 | by ( ) www.wsj.com time to read: 1 min

Magazine celebrated eight trailblazing talents at its annual Innovator Awards, held November 2 at the Museum of Modern Art in New York City. See below to read each honoree’s inspiring story—featuring: Anitta, Jeanne Gang, José Andrés for World Central Kitchen, Maya Rudolph, Jenny Holzer, Anthony Vaccarello, Margot Robbie and Jony Ive. You can find videos about each of the Innovators here, and a recap of the awards gala here.

Rep. Sean Casten defeated Republican Keith Pekau in Illinois' 6th Congressional District. Casten became the first Democrat to represent the 6th Congressional District in decades when he won in 2018. The 6th District race was one of many suburban races that could've helped Republicans tip the balance of power in Washington. Democratic Rep. Sean Casten defeated Republican Keith Pekau in Illinois' 6th Congressional District. Voting history for Illinois' 6th Congressional DistrictIllinois' 6th Congressional District encompasses many of Chicago's southwestern suburbs and extends from Tinley Park to Lombard.

Democratic Sen. Maggie Hassan of New Hampshire ran for reelection to a second term. 2022 General EmbedsNew Hampshire's Senate race candidatesHassan, a former state lawmaker and two-term governor, secured a second term in the Senate. Bolduc — who served in Afghanistan and received two Purple Hearts and five Bronze Stars — was the Republican standard-bearer in this year's Senate race. During the 2020 US Senate election that Democratic Sen. Jeanne Shaheen won, more than 18,400 voters — about 2.3% — cast ballots for Libertarian candidate Justin O'Donnell. What experts sayThe New Hampshire race was rated as "tilt Democratic" by Inside Elections, "lean Democratic" by The Cook Political Report, and "leans Democratic" by Sabato's Crystal Ball at the University of Virginia Center for Politics.

Democratic Sen. Maggie Hassan of New Hampshire is running for reelection to a second term. 2022 General EmbedsNew Hampshire's Senate race candidatesHassan, a former state lawmaker and two-term governor, is aiming to secure a second term in the Senate. Bolduc — who served in Afghanistan and received two Purple Hearts and five Bronze Stars — is the Republican standard-bearer in this year's Senate race. During the 2020 US Senate election that Democratic Sen. Jeanne Shaheen won, more than 18,400 voters — about 2.3% — cast ballots for Libertarian candidate Justin O'Donnell. What experts sayThe New Hampshire race was rated as "tilt Democratic" by Inside Elections, "lean Democratic" by The Cook Political Report, and "leans Democratic" by Sabato's Crystal Ball at the University of Virginia Center for Politics.

☆ Getting laid off? Know your rights
▼ + stars: | 2022-11-08 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

The abrupt and unceremonious way that thousands of Twitter employees got laid off last week was a spectacle. But it was also a helpful reminder that while employers can get rid of many workers at will (and with zero graciousness), employees are not without rights when they are laid off en masse. Technically you will remain on the company’s payroll and will continue to receive pay and benefits in the interim, and then any severance you’re given would kick in. A second reason many offer severance: “Good will and fairness to the employees and to the community as a whole. Or, if you just have some very simple questions, some employment lawyers might offer a free consultation by phone.

☆ Casey DeSantis, Florida's 'co-governor': Rivals, friends, and former colleagues say she's the secret behind husband Ron DeSantis' meteoric rise
▼ + stars: | 2022-11-04 | by ( Lyz Lenz | Kimberly Leonard | ) www.businessinsider.com time to read: +29 min

Florida's first lady, Casey DeSantis, is a close confidant to her powerful husband, several people told Insider. He added, "We would not see Ron DeSantis outside of press conferences if he did not have a wife and kids." Ron DeSantis began clawing his way into the national spotlight in 2017 as a member of the US House of Representatives. She smiled wryly and said: "Everyone knows my husband, Ron DeSantis, is endorsed by President Trump, but he's also an amazing dad. "Ron DeSantis would be a very good candidate for the St. Johns county commission if he did not have Casey DeSantis in his life," Schorsch said.

☆ Democratic Rep. Sean Casten faces off against Republican Mayor Keith Pekau in Illinois' 6th Congressional District election
▼ + stars: | 2022-11-02 | by ( Hanna Kang | ) www.businessinsider.com time to read: +4 min

Rep. Sean Casten is running against Republican Keith Pekau in Illinois' 6th Congressional District. Casten became the first Democrat to represent the 6th Congressional District in decades when he won in 2018. The 6th District race is one of many suburban races that could tip the balance of power in Washington. Casten became the first Democrat to represent the 6th Congressional District in decades when he unseated longtime Republican incumbent Peter Roskam in 2018. Voting history for Illinois' 6th Congressional DistrictIllinois' 6th Congressional District encompasses many of Chicago's southwestern suburbs and extends from Tinley Park to Lombard.

☆ What rising interest rates mean for your credit, loans, savings and more
▼ + stars: | 2022-11-02 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +11 min

“Interest rates have increased at the fastest pace in 40 years,” said Greg McBride, chief financial analyst at Bankrate.com. They’re offering far higher rates – with some topping 3% currently – and have been increasing them as benchmark rates go higher. At the most recent auction in October, for instance, the 5-year TIPS had an interest rate of 1.625%. Home loans: Lock in fixed rates nowMortgage rates have been rising over the past year, jumping more than three percentage points. That said, “don’t jump into a large purchase that isn’t right for you just because interest rates might go up.

☆ Don’t worry, you can still get a great return on these inflation-protected bonds
▼ + stars: | 2022-11-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

And while you might have missed an opportunity to get a nearly 10% interest rate on ultra safe government I Bonds, you can still get a high rate that will keep pace with rising prices. The interest rate on the Series I Savings Bond, more commonly known as I Bonds, reset on Tuesday to 6.89%. And it’s trouncing returns on stocks and bonds, which are both still in the red year to date. The I Bond rate is determined by a formula based on changes to the Consumer Price Index. Individuals may only purchase up to $10,000 in I Bonds electronically in a calendar year.

☆ Democratic Sen. Maggie Hassan vies against Republican Don Bolduc in the New Hampshire's US Senate race
▼ + stars: | 2022-10-31 | by ( John L. Dorman | ) www.businessinsider.com time to read: +5 min

Democratic Sen. Maggie Hassan of New Hampshire is running for reelection to a second term. New Hampshire's Senate race candidatesHassan, a former state lawmaker and two-term governor, is aiming to secure a second term in the Senate. Bolduc — who served in Afghanistan and received two Purple Hearts and five Bronze Stars — is the Republican standard-bearer in this year's Senate race. Sununu was deeply critical of Bolduc during the GOP primary campaign and eventually endorsed state Sen. Chuck Morse, who narrowly lost to Bolduc in the September contest. During the 2020 US Senate election that Democratic Sen. Jeanne Shaheen won, more than 18,400 voters — about 2.3% — cast ballots for Libertarian candidate Justin O'Donnell.

☆ How startup Hilma raised a $3 million seed round from backers, including a former Nike exec and a Bonobos cofounder, to make running shoes more inclusive for women
▼ + stars: | 2022-10-27 | by ( Matthew Kish | ) www.businessinsider.com time to read: +5 min

The problem: Running shoes historically have been based off the shape of a man's foot. Hilma's shoes are made in varying shapes and widths in order to provide the perfect fit for every runner, regardless of foot shape or ability. Woman in Hilma running shoes. Hilma's launch follows Lululemon's footwear launch, which similarly prioritized female consumers and continues to exceed the company's expectations. Hilma's shoes are made in China and warehoused in the US before shipping to consumers.

☆ 'Unprecedented' demand for I Bonds offering a 9.62% rate overwhelm Treasury's site
▼ + stars: | 2022-10-27 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

The demand to buy US Series I savings bonds this week has been so great that it temporarily crashed the Treasury web site where those bonds are purchased. That could mean some investors’ requests may not be processed in time to lock in the bond’s 9.62% rate by the October 28 deadline. But, a Treasury official noted, there might still be some intermittent issues depending on traffic in the next two days. Individuals may only purchase up to $10,000 in I Bonds electronically in a calendar year. (For married couples, each spouse can purchase their own I Bond for a total investment per year of up to $20,000.)

☆ 3 things that will help reduce the sting of high inflation
▼ + stars: | 2022-10-21 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

There’s really nothing nice to say about inflation when it comes to your bottom line. And it’s hard on your paycheck, because chances are your last raise did not keep pace with headline inflation, which the latest reading puts at 8.2%. But that same high inflation has led to a couple of changes that might offer you a little relief. Starting next year, your paycheck could be a little bigger thanks to inflation adjustments that the Internal Revenue Service will make to 2023 federal income tax brackets and other provisions. That’s $2,000 – or roughly 9.8% – more than the current $20,500 federal contribution limit, a direct result of higher inflation.

☆ 401(k) contribution limits 2023: IRS increases amount you can save in your retirement account
▼ + stars: | 2022-10-21 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

The IRS on Friday announced a record increase in contribution limits to 401(k) and other tax-deferred retirement plans for 2023. That’s $2,000 – or roughly 9.8% – more than the current $20,500 federal contribution limit. The jump is largely due to inflation, to which the contribution limits are indexed. Increases in IRA contribution limits tooContributions to traditional IRAs and after-tax Roth IRAs will increase as well – to $6,500 from $6,000 currently, an 8.3% rise. The retirement contribution limits weren’t the only inflation-related news from the IRS this week.

☆ Uninsured kids will still receive Covid vaccines for free after shots move to commercial market
▼ + stars: | 2022-10-19 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The CDC's independent advisors voted unanimously on Wednesday to include Covid shots authorized for kids by the Food and Drug Administration in the federal government's Vaccines for Children program. The Vaccines for Children program provides vaccines to kids under age 19 whose families cannot afford them. The federal government has been providing Covid vaccines to everyone in the U.S. for free during the pandemic. Dr. Jeanne Santoli, a CDC official, said the public health agency will start awarding contracts for health care providers to give the Covid shots for free to uninsured kids. The decision to include Covid shots in the free vaccine program will prove crucial to maintaining access for many children.

☆ New IRS rules mean your paycheck could be bigger next year
▼ + stars: | 2022-10-19 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

Here are some of the big changes the IRS is making:Income tax bracketsThere are seven different federal income tax rates at which earned income is taxed: 10%, 12%, 22%, 24%, 32%, 35% and 37%. The IRS inflation adjustments amount to a roughly 7% increase in each bracket. The standard deduction is the dollar amount that those who don’t itemize deductions can subtract from their adjustable gross income before federal income tax is applied. That money is deductible so it will reduce the amount of tax taken out of your paycheck. Earned Income Tax CreditThe Earned Income Tax Credit (EITC) enables low-income workers to keep more of their paycheck.

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