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Taxes & Unemployment - All unemployment benefits are taxable
Many people don’t realize it, but you must pay taxes on the money you receive from unemployment.
Your benefits are considered taxable income!
Although it may seem unfair, unemployment is designed to be temporary, so it’s important that you try to get a permanent job as soon as possible.
To avoid paying a lump sum of taxes at the end of the year, you can have 10% of your benefits payments automatically withheld for federal taxes.
You can also make quarterly tax payments on your own. These payments are due on January 15, April 15, July 15, and October 15. If you choose to make these payments on your own, you are responsible for any late fees or other charges.
Don’t try to avoid paying the taxes on your unemployment benefits. If you don’t pay these taxes, they will take the money out of your check when you start working again.
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I think paying taxes that you will recieve back is a great idea. I just think the percentage of what you recieve and how its paid should change.
Ajtank,
Tell us more about what you think of the percentages should be and how its paid should change. Do you have any suggestions?
-Wayne
How do I get my unemployment amount for 2008.
David,
You must file for unemployment in order to receive benefits.
i need to know when we the w-2 for unempoylee?
Shanay25, I am not sure what you are asking for. If you need Unemployment assistance please check out the unemployment section of the website.
-Wayne
I need to get my unemployment amount for 2008. Tax purposes
Jessica,
Are you talking about unemployment? have you talked to your previous employer? have you looked in the unemployment section of the article?
-Wayne