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Taxes on unemployment

milarsomilarso Posts: 1,280
edited September 2010 in All Encompassing Trip
I've been collecting unemployment for the last three months, but I elected not to have taxes taken out. Will the government send me a w-2 or something so I can pay the taxes? Not sure what to do...
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  • The JugglerThe Juggler Posts: 49,421
    milarso wrote:
    I've been collecting unemployment for the last three months, but I elected not to have taxes taken out. Will the government send me a w-2 or something so I can pay the taxes? Not sure what to do...


    if you elect not to have taxes taken out, i think you will get a 1099 and pay them come tax time. right? i have them being taken out of my check every week so it works like a regular w2 type pay stub. but then again, what the hell do i know?
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  • mickeyratmickeyrat Posts: 41,046
    The Jeagler wrote:
    milarso wrote:
    I've been collecting unemployment for the last three months, but I elected not to have taxes taken out. Will the government send me a w-2 or something so I can pay the taxes? Not sure what to do...


    if you elect not to have taxes taken out, i think you will get a 1099 and pay them come tax time. right? i have them being taken out of my check every week so it works like a regular w2 type pay stub. but then again, what the hell do i know?
    Sounds about right , to know for sure contact or look up your states unemployment info.
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  • FlaggFlagg Posts: 5,856
    Yes, I was on unemployment in 2004. I elected not to have taxes taken out. I got a form like a 1099 in 2005 showing me what I had been paid and listing zero for taxes withheld. I had to account for that in my taxes that year.

    Prett fucked up that they tax unemployment benefits as income if you ask me.
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  • PearlJamaholicPearlJamaholic Posts: 2,019
    i think you get the 1099 no matter what cause i had taxes taken out when i collected uc and i still got something other than a w-2.
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  • Heineken HelenHeineken Helen Posts: 18,095
    They tax unemployment???????????? :o what the fuck? That's where taxes go TO.. that's why you PAY taxes so when you get unemployment it comes from your taxes... that's just fucked up.
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  • dunkmandunkman Posts: 19,646
    Heineken Helen wrote:
    They tax unemployment???????????? :o what the fuck? That's where taxes go TO.. that's why you PAY taxes so when you get unemployment it comes from your taxes... that's just fucked up.

    exact a fuckking diddly.

    still.. apaprently its the greatest country in the world™ so shhhhhhhh!
    oh scary... 40000 morbidly obese christians wearing fanny packs invading europe is probably the least scariest thing since I watched an edited version of The Care Bears movie in an extremely brightly lit cinema.
  • The JugglerThe Juggler Posts: 49,421
    Heineken Helen wrote:
    They tax unemployment???????????? :o what the fuck? That's where taxes go TO.. that's why you PAY taxes so when you get unemployment it comes from your taxes... that's just fucked up.

    Unemployment compensation has been fully included in income for tax purposes since the Tax Reform Act of 1986. Prior to the 1986 Act, unemployment compensation benefits were only excludible if the taxpayer's adjusted gross income and benefits exceeded specified levels. Congress concluded that unemployment compensation benefits, which essentially are wage replacement payments, should be treated for tax purposes in the same manner as wages or other wage-type payments (such as vacation pay or sick leave). Thus, repeal of the prior-law partial exclusion contributes to more equal treatment of individuals with the same economic income.

    The Treasury Department recognizes that including unemployment benefits in income can result in a significant tax liability when filing the annual return. However, unemployment benefits are is designed to provide temporary income between employment. In some cases, recipients may prefer to have full payments during the unemployment period and make up any income taxes when they find new employment. Nonetheless, as part of legislation passed in 1994, Congress enacted a provision allowing unemployment recipients to voluntarily elect to have income taxes withheld from their unemployment benefits. In this way, the recipients can avoid tax payments with their annual return.

    there is talk of obama suspending this though...
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  • The JugglerThe Juggler Posts: 49,421
    dunkman wrote:
    Heineken Helen wrote:
    They tax unemployment???????????? :o what the fuck? That's where taxes go TO.. that's why you PAY taxes so when you get unemployment it comes from your taxes... that's just fucked up.

    exact a fuckking diddly.

    still.. apaprently its the greatest country in the world™ so shhhhhhhh!


    nobody argued that it was perfect...still much better than scotland!
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  • dunkmandunkman Posts: 19,646
    The Jeagler wrote:
    dunkman wrote:
    Heineken Helen wrote:
    They tax unemployment???????????? :o what the fuck? That's where taxes go TO.. that's why you PAY taxes so when you get unemployment it comes from your taxes... that's just fucked up.

    exact a fuckking diddly.

    still.. apaprently its the greatest country in the world™ so shhhhhhhh!


    nobody argued that it was perfect...still much better than scotland!

    doubtful.
    oh scary... 40000 morbidly obese christians wearing fanny packs invading europe is probably the least scariest thing since I watched an edited version of The Care Bears movie in an extremely brightly lit cinema.
  • pandorapandora Posts: 21,855
    I'm not sure your taxes go to unemployment. You pay SS & Medicare tax and I as an employer match a percentage of that. I also have to as an employer pay 940 tax and Dol 4 tax that goes to the unemployment fund. It is a rating I get each year based on unemployment benefits paid the previous year and is a percentage of total earnings of my employees. What I'm not sure of is if any of the SS tax goes to unemployment benefits, if so your taxes may be paying for unemployment, if not, it is only the employers paying.
  • RKCNDYRKCNDY Posts: 31,013
    pandora wrote:
    I'm not sure your taxes go to unemployment. You pay SS & Medicare tax and I as an employer match a percentage of that. I also have to as an employer pay 940 tax and Dol 4 tax that goes to the unemployment fund. It is a rating I get each year based on unemployment benefits paid the previous year and is a percentage of total earnings of my employees. What I'm not sure of is if any of the SS tax goes to unemployment benefits, if so your taxes may be paying for unemployment, if not, it is only the employers paying.

    So this is why employers try so hard to fight and not let some employees get benefits. I've had to fight for my unemployment benefits twice and every time, the state finds in my favor. My employers COULD have appealed that decision, but they never did.
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  • pandorapandora Posts: 21,855
    4and20 wrote:
    pandora wrote:
    I'm not sure your taxes go to unemployment. You pay SS & Medicare tax and I as an employer match a percentage of that. I also have to as an employer pay 940 tax and Dol 4 tax that goes to the unemployment fund. It is a rating I get each year based on unemployment benefits paid the previous year and is a percentage of total earnings of my employees. What I'm not sure of is if any of the SS tax goes to unemployment benefits, if so your taxes may be paying for unemployment, if not, it is only the employers paying.

    So this is why employers try so hard to fight and not let some employees get benefits. I've had to fight for my unemployment benefits twice and every time, the state finds in my favor. My employers COULD have appealed that decision, but they never did.
    The state seems to always find in the employees favor unless the employer does appeal which we did have to do twice and for very good reason. One extreme lack of performance and business theft, the other the former employee was hiding wages made from another employer and trying to collect on ours, actually asked for an extension of benefits on our account while working elsewhere. These times we won. It is a benefit gladly paid to our former employees who have earned it. We had 33 employees before 911 and now 4 so we've had experience unfortunately with having to let people go.
  • 8181 Needing a ride to Forest Hills and a ounce of weed. Please inquire within. Thanks. Or not. Posts: 58,276
    wether you pay taxes on unemployment is dependent on what your income and deductions are for the year. if i were to get max benifits for a full year, that would be something like 23K. with my deducions (house intrest, property taxes, & local tax deduction) i wouldn't pay any taxes.

    your results may vary, but at the end of the day, you won't be paying much in taxes on the employment just beacause teh income is so low.
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  • Get_RightGet_Right Posts: 13,405
    81 wrote:
    wether you pay taxes on unemployment is dependent on what your income and deductions are for the year. if i were to get max benifits for a full year, that would be something like 23K. with my deducions (house intrest, property taxes, & local tax deduction) i wouldn't pay any taxes.

    your results may vary, but at the end of the day, you won't be paying much in taxes on the employment just beacause teh income is so low.
    true, but with the standardized deduction and no mortgage interest

    it would sting
  • chadwickchadwick up my ass Posts: 21,157
    Flagg wrote:
    Yes, I was on unemployment in 2004. I elected not to have taxes taken out. I got a form like a 1099 in 2005 showing me what I had been paid and listing zero for taxes withheld. I had to account for that in my taxes that year.

    Prett fucked up that they tax unemployment benefits as income if you ask me.
    i am amazed @ your memory of your taxings by year.
    in 2004 i have idea where i was let alone the taxes i owed.
    you are sharp.
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  • 8181 Needing a ride to Forest Hills and a ounce of weed. Please inquire within. Thanks. Or not. Posts: 58,276
    Get_Right wrote:
    81 wrote:
    wether you pay taxes on unemployment is dependent on what your income and deductions are for the year. if i were to get max benifits for a full year, that would be something like 23K. with my deducions (house intrest, property taxes, & local tax deduction) i wouldn't pay any taxes.

    your results may vary, but at the end of the day, you won't be paying much in taxes on the employment just beacause teh income is so low.
    true, but with the standardized deduction and no mortgage interest

    it would sting

    if you only had the standard deductions, you would be looking at about $1700 in taxes. this works out to about 7%.

    I'm of the belief that it's better to go ahead and have the taxes deducted as you go, vs needing to come up with the money in the spring. lets be honest, if you are single, and unemployment is your only income, you most likely will burn thru it all and not set money aside for taxes.
    81 is now off the air

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  • Get_RightGet_Right Posts: 13,405
    81 wrote:

    if you only had the standard deductions, you would be looking at about $1700 in taxes. this works out to about 7%.

    I'm of the belief that it's better to go ahead and have the taxes deducted as you go, vs needing to come up with the money in the spring. lets be honest, if you are single, and unemployment is your only income, you most likely will burn thru it all and not set money aside for taxes.
    thats a big check to write if you are out of work
    and I agree-better to withhold if you can afford to do so
    you dont want the IRS or your state as a creditor
  • The JugglerThe Juggler Posts: 49,421
    Get_Right wrote:
    81 wrote:

    if you only had the standard deductions, you would be looking at about $1700 in taxes. this works out to about 7%.

    I'm of the belief that it's better to go ahead and have the taxes deducted as you go, vs needing to come up with the money in the spring. lets be honest, if you are single, and unemployment is your only income, you most likely will burn thru it all and not set money aside for taxes.
    thats a big check to write if you are out of work
    and I agree-better to withhold if you can afford to do so
    you dont want the IRS or your state as a creditor

    mr 81 is wise beyond his ears.
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  • mickeyratmickeyrat Posts: 41,046
    The Jeagler wrote:
    Get_Right wrote:
    81 wrote:

    if you only had the standard deductions, you would be looking at about $1700 in taxes. this works out to about 7%.

    I'm of the belief that it's better to go ahead and have the taxes deducted as you go, vs needing to come up with the money in the spring. lets be honest, if you are single, and unemployment is your only income, you most likely will burn thru it all and not set money aside for taxes.
    thats a big check to write if you are out of work
    and I agree-better to withhold if you can afford to do so
    you dont want the IRS or your state as a creditor

    mr 81 is wise beyond his ears.
    have you seen his avatar? all he does is sit around chain smoking, deep in thought.Of course hes wise. Smoking makes you S M art!!!!
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    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
  • The JugglerThe Juggler Posts: 49,421
    mickey i just gave you credit in the birds thread.

    i forget if it was on facebook or in here, but you gave kurt coleman props back in april. dude just made the 53 man roster and has looked real good. returned two turnovers for td's this week. good call.
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  • mickeyratmickeyrat Posts: 41,046
    The Jeagler wrote:
    mickey i just gave you credit in the birds thread.

    i forget if it was on facebook or in here, but you gave kurt coleman props back in april. dude just made the 53 man roster and has looked real good. returned two turnovers for td's this week. good call.
    Buckeyes buddy, Buckeyes. Like i said, questionable dirty play got him a suspension but he has a nose for the ball.
    _____________________________________SIGNATURE________________________________________________

    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
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