12 million will lose unemployment benefits day after Xmas

[jelloshots4all]

www.cbsnews.com/news/unemployment-benefits-12-million-lose-after-christmas/

This is ridiculous and so sad.  

[pulmonarymd]

It would be nice to have a president and a senate majority leader who cared.

[Deleted]

This is the way the unemployment laws are written and they're administered buy the states. I agree that an extension would be a humane thing to do under the circumstances.

My concern is the number of people who are going to find out in April that they owe taxes on their unemployment payments. Between what they earned before losing their jobs and the extra payments from the stimulus package, this will hit many people who aren't expecting it.

[busymom]

Neither Trump nor Mitch give a darn, but of course are trying to lay the blame on the House.  I can only imagine the pile of bills sitting on Mitch's desk, that have never even come up for a vote.


IMHO, every bill should come up for a vote, whether or not it passes.  Maybe that's a new law that should go in:  every bill must be voted on, within 30 or 60 days, from when it leaves the House.

[Deleted]

The stimulus payments were non-taxable.

[gs11rmb]

Nov 20, 2020 11:37:49 GMT -5 @shastasnewlife said:

The stimulus payments were non-taxable.

Does that include the $600 weekly unemployment subsidy or just the $1,200 stimulus checks?

[jelloshots4all]

Nov 20, 2020 11:46:34 GMT -5 gs11rmb said:

Nov 20, 2020 11:37:49 GMT -5 @shastasnewlife said:

The stimulus payments were non-taxable.

Does that include the $600 weekly unemployment subsidy or just the $1,200 stimulus checks?

Just the $1,200 stimulus checks.  Although many people likely did not elect to have taxes withheld on their weekly subsidies (or state UI payments).

[justme]

Nov 20, 2020 7:40:01 GMT -5 @athena53 said:

This is the way the unemployment laws are written and they're administered buy the states. I agree that an extension would be a humane thing to do under the circumstances.

My concern is the number of people who are going to find out in April that they owe taxes on their unemployment payments. Between what they earned before losing their jobs and the extra payments from the stimulus package, this will hit many people who aren't expecting it.

Yeah. I've talked to some on another forum and they're like I checked to take taxes out I'm good! And I'm like no you're not. They only take 10% out and if you got the full 12 weeks of UE + 600 pretty much any job you had before covid would bump you out of the 10% tax bracket. So unless the taxes your job took out were high enough you might owe. I had them take out the 10% but I'm guessing I might be owing a few hundred but not sure. UE replaced most of my net take home and work didn't pay for my insurance on furlough so they took it back out of my paychecks when I returned, but the over $1000 that went to my 401k didn't go and UE didn't cover. 

[Opti]

Nov 20, 2020 7:40:01 GMT -5 @athena53 said:

This is the way the unemployment laws are written and they're administered buy the states. I agree that an extension would be a humane thing to do under the circumstances.

My concern is the number of people who are going to find out in April that they owe taxes on their unemployment payments. Between what they earned before losing their jobs and the extra payments from the stimulus package, this will hit many people who aren't expecting it.

I have not received a stimulus pymt. I'm not sure I want it given its just borrowing from my future self. Per the IRS, everyone must file by tomorrow, 11/21/2020 their 2019 federal taxes if they want to qualify for the stimulus.

[jelloshots4all]

Here are the tax brackets for 2020


Rate For Single Individuals         For Married Individuals Filing Joint Returns         For Heads of Households

10% Up to $9,875                     Up to $19,750                                                     Up to $14,100

12% $9,876 to $40,125             $19,751 to $80,250                                         $14,101 to $53,700

22% $40,126 to $85,525             $80,251 to $171,050                                     $53,701 to $85,500

24% $85,526 to $163,300         $171,051 to $326,600                                     $85,501 to $163,300

32% $163,301 to $207,350         $326,601 to $414,700                                     $163,301 to $207,350

35% $207,351 to $518,400         $414,701 to $622,050                                     $207,351 to $518,400

37% $518,401 or more             $622,051 or more                                             $518,401 or more

So, in my state if you received the max unemployment, plus the max fed subsidy your 2020 UI income would be:

39 weeks at $374 = $14,586
17 weeks at $600  = $10,200
Total =                    $24,786

So in all cases, at least 10% taxes and a portion taxed at 12% for UI only, without any other income