I was thrilled to see this article on MSN Money, as I have been wondering about this recently. Here’s what you need to know.
- Unemployment varies by state; the lowest weekly maximum being $230 (Mississippi), the highest being $628 (Massachusetts).
- Some states increase payments for families with children.
- Unemployment benefits are TAXABLE, although not withheld automatically.
- The new stimulus law exempts the first $2,400 of unemployment benefits from federal taxes.
- Benefits may be paid a maximum of 26 weeks in most states. The new stimulus law is extending coverage an additional 20 weeks.
Source: MSN Money via State Labor Department Websites
The maximum benefit I could receive living in California is $1,800 per month. I currently take home around $2,200 per month after taxes/health care/401k contributions.