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Unemployment Benefits: Tax Statement
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Unemployment compensation benefits are taxable income. Individuals receiving benefits can elect to have 10 percent of their payments withheld for federal tax purposes, or to make estimated quarterly tax payments. Quarterly payments are due January 15, April 15, July 15, and October 15. Additional information about estimated taxes may be found in Publication 505, "Tax Withholding and Estimated Tax," issued by the Internal Revenue Service. If you are a District of Columbia resident, you can ... elect to have 5% of your weekly payment withheld for DC income tax purposes.
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For more tax information about supplemental unemployment benefits refer to IRS Publication 525, Taxable and Nontaxable Income. Also see IRS Publication 17, Your Federal Income Tax.Please read this IMPORTANT Editor's Note regarding navigating IRS publications with Adobe Acrobat Reader.
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If you get laid off, when you apply for unemployment benefits consider having federal income taxes withheld. This process is similar to the payroll withholding you encounter when you collect a paycheck. In this case, the form you fill out is the federal W-4V,
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While the Senate is rumored to want to add an extension to unemployment benefits and to increase food stamp distribution, the aid package is expected to pass quickly. While the market is still concerned that checks may not reach Americans until after the IRS finishes with its regular tax responsibilities, Hank Paulson seems to have a head of steam and we wouldn't be surprised if he did not find a way to get this done sooner.
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