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Guide to Unemployment and Taxes
The IRS considers unemployment compensation to be taxable income—which you must report on your federal tax return. State unemployment divisions issue an IRS Form 1099-G to each individual who receives unemployment benefits during the year. If you received unemployment benefits this year, you can expect to receive a Form 1099-G “Certain Government Payments” that lists the total…
Read MoreIs Unemployment Insurance Taxable Income?
Losing your job is one of the worst experiences you can have. Fortunately, most employees who lose their jobs are entitled to unemployment benefits. One thing that comes as a surprise to many newly unemployed people is that these benefits are generally taxable. That’s right, you have to pay income tax on your unemployment. It…
Read MoreUnemployment Insurance – Who Pays for It?
When an employee finds themselves out of work, then under certain circumstances, they can collect unemployment benefits. The state disburses these funds to the individual on behalf of their previous employer. So who pays for this unemployment insurance? Do you need to purchase an unemployment insurance policy? As a small business owner, what do you…
Read MoreIN: Unemployment Insurance – Who Pays for It?
Dear Valued Customer, In this issue of “————————” we seek to clear up a few things regarding unemployment insurance. When an employee finds themselves out of work, then under certain circumstances, they can collect unemployment benefits. The state disburses these funds to the individual on behalf of their previous employer. So who pays for this…
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