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re: Does Severance payments affect unemployment benefits
Posted on 7/15/13 at 6:19 pm to GFunk
Posted on 7/15/13 at 6:19 pm to GFunk
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.
Naw wasn't the withholding.
Found it - has to do with sequester:
"The Budget Control Act of 2011 requires a reduction in the benefits paid through the Emergency Unemployment (EUC) program. In accordance with the Budget Control Act of 2011 (Public Law 112-25), the sequestration reductions to your Emergency Unemployment Compensation (EUC) claim are as follows: a 16.8% reduction was applied to your original weekly benefit amount of $247 and a reduction* was applied to your remaining balance of $xxxx as of xxxxxxxx for the EUC claim that began on xxxxxx."
This post was edited on 7/15/13 at 6:20 pm
Posted on 7/15/13 at 9:47 pm to Meauxjeaux
quote:
Meauxjeaux
quote:
Naw wasn't the withholding. Found it - has to do with sequester: "The Budget Control Act of 2011 requires a reduction in the benefits paid through the Emergency Unemployment (EUC) program. In accordance with the Budget Control Act of 2011 (Public Law 112-25), the sequestration reductions to your Emergency Unemployment Compensation (EUC) claim are as follows: a 16.8% reduction was applied to your original weekly benefit amount of $247 and a reduction* was applied to your remaining balance of $xxxx as of xxxxxxxx for the EUC claim that began on xxxxxx."
That applies strictly to EUC claims, which are a federally funded program. The state benefits have not been affected by sequestration and will not be.
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