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Just a mathematical nit; Maryland caps unemployment at $430 per week. So adding CARES bumps that to $1030/week. It's only lasts 26 weeks, so it's worth $26780.
by greedo 7y ago
Just a mathematical nit; Maryland caps unemployment at $430 per week. So adding CARES bumps that to $1030/week. It's only lasts 26 weeks, so it's worth $26780. I'm not sure if you have to pay income tax on any of this.
- mfarris 7y agoUnemployment benefits are taxable income.
- rayiner 7y agoIt’s the equivalent of a $53,500 annualized salary in terms of weekly paychecks. Also, CARES Act extends unemployment through the end of the year (39 weeks). A recent U of Wash study projected states could start easing restrictions in late May to early June. But it’s going to be a slow reopening. The concern is that if the federal government is bankrolling things, the reopening will be slower than necessary.
- Scipio_Afri 7y agoFirst of all, you pay income taxes on unemployment income. The additional $600 per week as part of the CARES act is only through July 31st. Then it reverts to just the ase amount - which is whatever percentage of your income (until it reaches a capped amount) that unemployment insurance pays out, which varies by state.