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Unemployment Tax Question

ChicagoJohn

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Gents,

I was laid off for 7 months this year and collected unemployment benefits during that time. I elected not to pay taxes on thsoe benefits during that period. I would pay them once I was employed.

When I started my new job, I took an extra $100 Federal and $100 State deduction, per month, to cover the cost of my UI tax once tax time comes.

Currently there is about $600 Federal and $600 State in that pool. I will owe tax on 7 months of Unemployment Benefits (max $700/week). Do you know anyway I can calculate how much I owe?
 

BOF

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You can look at the tax charts for federal and state income taxes (available on the IRS and state websites respectively) to determine how much you'll owe in total for income taxes. That, coupled with the total withholding on your most recent pay-stub should give you a good idea.

I should mention as well that there are the exemptions as well, so your taxable income is likely to be a bit less than your total, though the amount depends on your situation (single, married, etc.).
 

fredfred

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You'll owe roughly 15% (social security tax) + 20% (federal income tax) = 35% of that income

So $2800/month * 7 = 19,600
19,600 * 0.35 = $6860

So you'll owe $6,000 to $7,000

Enjoy the benefits of your communist/socialist government.
 

forsbergacct2000

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You don't pay Social Security Tax on Unemployment Benefits.
 

ChicagoJohn

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I think perhaps this is a pretty complex question and there's not nearly enough information provided. I'd have to go home through the filing cabinet to get teh total incomes for 2008...
 

fcuknu

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<propaganda> Actually you owe nothing, because the federal income tax is a direct unaportioned tax which is unconstitutional. The sixteenth amendment (which gave power to the gvnt to directly tax unaportioned) was not ratified by enough states and was overturned twice by the supreme court. Plus there is no law saying you have to pay an income tax </propaganda>
 

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