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Message
re: Does Severance payments affect unemployment benefits
Posted on 7/14/13 at 9:28 pm to GFunk
Posted on 7/14/13 at 9:28 pm to GFunk
quote:
Severance payments are deductible from unemployment benefits the week in which they are paid. Whether severance is paid in a lump sum or staggered over a defined period of time, if you receive an amount that exceeds your weekly benefit amount ($247/week is the max in La) then that week is considered excessive and no benefits will be paid.
100% this.
quote:
My advice: file your claim the day you are separated from your job. Indicate you will receive severance, and fax a copy of the checkstub or proof of severance payment ASAP.
And kinda this. If you can, finagle a way to get all of the severance documented in your first week of UE. You don't collect UE the first week you file - I think it's called a 'week of waiting'. If you can show you got severance that week, your subsequent weeks won't get docked.
Anything you collect in any week in which you receive that $247 (actually, it has gone down to $225 or something now) gets deducted straight from that $247 (er, $225).
Posted on 7/15/13 at 3:58 am to Meauxjeaux
Well crap.
I'm getting 5 installment payments one every 2 weeks for $2000 looks like I will not collect until October. I plan to be employed well before then.
Thanks everyone for the input.
I'm getting 5 installment payments one every 2 weeks for $2000 looks like I will not collect until October. I plan to be employed well before then.
Thanks everyone for the input.
Posted on 7/15/13 at 9:19 am to Meauxjeaux
quote:
Meauxjeaux
quote:
Anything you collect in any week in which you receive that $247 (actually, it has gone down to $225 or something now) gets deducted straight from that $247 (er, $225).
The state max is $247. Many folks elect to get the 10% federal withholding tax taken out. Its rounded up to $25 from $24.70, which leaves you a $0 tax burden-federally speaking-on that income when you get your 1099 on it (yes, the feds view Unemployment Insurance benefits as taxable income).
So, $247-$25=$222. It hasn't gone down. Its just that more folks elect to not have to pay a larger lump sum come taxman time.
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