How Much Unemployment Benefits ?
Unemployment benefits are also known as unemployment insurance, and are given by all states. Unemployment insurance is actually funded by the employers. The Federal Labor Law instructs the employers to pay a yearly amount for each one of their employees towards the unemployment insurance. This amount is indicated in the tax benefit and is acknowledged by the IRS. |
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Almost all states pay a standard rate of unemployment benefit. However, some states may differ. To give a simple figure of how much you can expect weekly, it can be said that you will be getting around 50 percent of your standard weekly pay.
What the unemployment office does is that they calculate your weekly income by identifying the highest paid quarter in your previous year of unemployment. They take this pay and calculate your weekly pay out of it. Out of this amount, they pay you 50 percent of the amount. There will also be a maximum amount that you can receive. This maximum amount varies again from State to State. This amount will be given to you for a period of 26 weeks. In Montana, however, this period is extended to 28 weeks and in Massachusetts, it is 30 weeks. In case you are unable to find a job within this window you may get an additional benefit for another 13 weeks.
The checks are given weekly. Right now the United States government is reviewing the unemployment benefit plan, and the standard period of receiving the benefits may be extended up to 52 weeks. However, this may take time to come into effect. Nearly 5 million people are currently drawing unemployment benefits.
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How Much Unemployment Benefits ?
