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Unemployement

Posted by Rosie_GA (My Page) on
Fri, Feb 8, 02 at 17:14

I was laid off, given a year's severence pay (lump sum) and then retired.......Is one able to draw unemployment?
Thanks in advance.....


Follow-Up Postings:

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RE: Unemployement

I think so. There are forms to fill out and you must show that you are actively seeking a job. Do investigate it, and your local Work Force Commission or whatever they call it can give you counseling. Good luck!!

-- Marie


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Oh, yeah . . .

Be prepared for that "lump sum" to have a big "lump tax" taken out of it. The paycheck can be viewed in some software systems as being what you would earn in a payperiod, and projected over the year. So that puts you in a much higher bracket for the one check. But you can get it back when you do your tax return.

And here's a place to read about Unemployment Payments. Check your state's website, too.

Good luck!! -- Marie

Here is a link that might be useful: Dept. of Labor - Unemployment Insurance


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RE: Unemployement

Marie......you are correct. The taxes figured out to be about 42%. All that regularly came out during the year but at one time.....whewwwww!! Shows again what the American worker pays out. Fed + State + Social Security. Thanks for the website...have been there but will check again.


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RE: Unemployement

Suggestion to some who may be slated to receive a severance package near year-end.

See whether your employer would be willing to pay it in two packages, one this year and the second just after the beginning of the new year.

Or, perhaps, pay the whole thing next year.

Even if you find another position fairly early in the year, and paying an income comparable to your current one - you'll delay the tax liability for a year (though there'll be a fairly heavy deduction at source).

Perhaps you'll decide that it's time to retire.

Good wishes for a bright future, whatever your choice.

joyful guy


 
 

 

 


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