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Five Facts about Unemployment

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Information about Five Facts about Unemployment
Business & Mgmt

Published on March 4, 2014

Author: EmilEstafanousCPA

Source: slideshare.net

Description

Facts about the unemployment compensation.
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Five Facts about Unemployment Benefits Presented by: Emil Estafanous, CPA MyCPAweb.com (562)868-6333

If you lose your job or your employer lays you off, you may be able to get unemployment benefits. The payments may be a welcomed relief. But you should know that they’re taxable. Here are five important facts from the IRS about unemployment compensation: 1. You must include all unemployment compensation in your income for the year. You should receive a Form 1099-G, Certain Government Payments. It will show the amount paid to you and the amount of any federal income taxes withheld. 2. There are several types of unemployment compensation. They generally include any amount received under an unemployment compensation law of the U.S. or a state. For more about the various types, see Publication 525, Taxable and Nontaxable Income. Presented by: Emil Estafanous, CPA MyCPAweb.com (562)868-6333

A few more facts… 3. You must include benefits paid to you from regular union dues in your income. Different rules may apply if you contribute to a special union fund and those contributions are not deductible. In that case, only include as income any amount you get that is more than the contributions you made. 4. You can choose to have federal income tax withheld from your unemployment. You make this choice using Form W-4V, Voluntary Withholding Request. If you do not choose to have tax withheld, you may have to make estimated tax payments during the year. 5. If you are facing financial difficulties, you should visit IRS.gov. “What Ifs” for Struggling Taxpayers explains the tax effect of events such as the loss of a job. For example, if your income decreased, you may be eligible for some tax credits, such as the Earned Income Tax Credit. If you owe federal taxes and can’t pay your bill, contact the IRS as soon as possible. In many cases, the IRS can take steps to help ease your financial burden. Presented by: Emil Estafanous, CPA MyCPAweb.com (562)868-6333

Want to know more? Connect with Emil on: • Google+ • Blogger • Twitter Here are a few of my other websites: • CPA Trucking • zcpa.net • Emil Estafanous, CPA Presented by: Emil Estafanous, CPA MyCPAweb.com (562)868-6333

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