How To Calculate Unemployment Benefits ?
In the current day economy, the number of people filing applications for unemployment benefits has grown significantly. Therefore, it is very important to know how to calculate the unemployment benefits so that you have a clear understanding of how much you will be receiving on a weekly basis. This will also help you budget your monthly expenses accordingly. |
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Until you find another job you may have to make do with the unemployment benefits and compromise on several things. However, at least you will manage to pay your bills and run your domestic needs and life.
In order to calculate the unemployment benefit, you will need to calculate the base period. For example, if you filed in your claim on January 1, 2008, the base period is July1, 2007 to June 30, 2008. In this year, the highest paid quarter is taken into consideration. So, look at the period in which you have been paid the highest amount of pay. The highest quarter is the amount that the employer would have paid the State for unemployment insurance. Your unemployment benefit would be 4percent of the highest quarter wages earned. If you have to receive a check of $335 every week, then the maximum earnings should have been $8,875. However, if you earn a max of $1,325, then you will be entitled to just $53 per week.
First compute the weekly benefits you would receive if you have another job. Then take the gross income for the week and deduct $30 from it. The resultant figure should be multiplied by sixty-seven percent. Then take the weekly benefits and deduct the previous figure to figure out the amount that will be paid out as unemployment benefit each week. Remember, unemployment benefits are dependent on the gross income.
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How To Calculate Unemployment Benefits ?
