Here are the basics about Unemployment Insurance:
- Unemployment Insurance is a shared state and federal program that provides cash benefits to the unemployed.
- Typically, it's for eligible workers who have become unemployed due to circumstances that were not their own fault.
- Each state has their own program, but they all fall under guidelines set by the federal government.
- Each state determines who is eligible and the cap on the maximum benefit you can receive.
- Unemployment insurance benefits are based on a percentage of your earnings over the course of a 52-week period.
- Benefits must be reported on your income tax return for both federal and some state income taxes.
- If you prefer, you can choose to spread out your taxes by having them taken out of your benefit payments.
For more information specific to YOUR state, visit our state unemployment section!
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