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| *Loan,banking and credit>>>income tax |
What percentage of unemployment compensation is taxed? Is it at the same rate as your regular income taxes? |
What percentage of unemployment compensation is taxed? Is it at the same rate as your regular income taxes? It is all taxable and it is taxed at the same rate as any earned income, though social security and medicare are not deducted from it Source(s): Internal Revenue Service 1-800-829-1040 from what I remember none of it was but that's been 20 years ago When you receive it there are NO taxes taken out. The way the question is written it appears the asker wants to know how much uncle sam is going to get initially It's fully taxable. All of your unemployment comp income is taxed as ordinary income, so yes, is added to whatever other income you have, then your tax is calculated on the total. All of it is taxed at the regular rate except no SS or MediCare is due on it. If you ever draw it again, you can specify that taxes be withheld to avoid any pain at tax time. |
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