World News

Monday Is Tax Filing Deadline in US

Monday is the deadline for Americans to file their federal income tax returns for 2012, with millions of U.S. taxpayers typically waiting to the last minute to account for their earnings last year.

Millions of other taxpayers filed their returns in recent weeks, with many of them already receiving refunds that averaged nearly $2,800 because their tax withholding last year totaled more than they owed the government.

U.S. President Barack Obama and his wife Michelle released their 2012 tax returns on Friday, showing they earned $608,611 last year and paid $112,214 in total tax. They reported donating about a quarter of their income to 33 different charities, which reduced their tax bill.

The Obamas' income is about 12 times the average U.S. household income of slightly more than $50,000.

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China May Be Biggest Winner From Ukraine Crisis

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