Unemployment

Quick Guide to Unemployment Insurance

It is a scene repeating itself numerous times, day in and day out, nationwide. Workers are being laid-off at rates not seen in decades. The sad fact is, when an economy is struggling, it is the working class people who generally bear the brunt of the pain and frustration. So now you find yourself in this situation, and yet you are slightly paralyzed with the fear of what is next or what will become of you and your family. It is exactly because of feelings like this that you should apply for unemployment insurance to help bridge the divide between your old job and your next potential employment opportunity.

The question for most people then becomes, how do I apply, how much am I entitled to and how does it work? The answers to these questions generally varies wildly depending upon the state in which you reside, and the specific rules and regulations of the city and state regarding unemployment insurance benefits. Unemployment insurance policies are set at multiple levels (Federal, State and Local) so it is up to you to navigate your way through the process of your particular state’s sanctioned unemployment agency.

  • In the beginning, you need to identify the proper unemployment insurance authorities locally that will provide you the ability to apply for unemployment insurance benefits either online or over the phone.
  • Am I entitled to unemployment benefits? First and foremost, if you and/or your employer have been paying insurance premiums to the state you are likely definitely entitled unemployment benefits. Most states also have additional requirements such as; have you worked a pre-determined amount of time, were you fired or laid off? Furthermore, there are additional restrictions as well as exceptions to certain rules, it all depends on the particular regulations of the city and state in which you reside. You will need to be ready, willing and able to work should a job opening be offered to you. You will expected to prove that you have been actively searching for work, or you are liable to be denied you unemployment benefits.
  • How much money can I expect my unemployment benefits to provide? By far the most popular question, once again the answer will depend on the specific city/state in which you reside, but is likely to be heavily based on your previous job’s wages. Your benefits will be calculated utilizing a progress formula, the more you made in your previous job, the more your unemployment insurance benefits are likely to be. Generally lasting around twenty six(26) weeks, unemployment benefits are likely to be a vital lifeline if you find yourself lucky enough to qualify for them.
  • It’s not exactly free money: Like anything else in life, usually if it seems too good to be true, it probably is. Now, undeniably, unemployment insurance benefits can seem too good to be true, when times are tough, yet even these benefits are subject to federal and potentially state income taxes. If you like, you can have a portion of your check withheld it certain circumstances, but prepare yourself that your tax bill is likely be quite large and your unemployment benefits are the likely culprit of such.

 


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Unemployment