Unemployment is fully taxable for Federal. Even the extra US Government COVID kicker of $600/$300 a week is fully taxable for Federal purposes. CA does not tax unemployment or the COVID kicker. Taxpayers may want to elect Federal withholding on the unemployment payments to avoid any big surprises come tax time.
Subjects
- CA PPP Loan Forgiveness Rules Passed General Assembly by Mike Noon
- CA Set to Vote on AB 80 & PPP CA Nontaxable up to $150K by Mike Noon
- COVID Relief passed by Congress March 10, 2021 by Mike Noon
- 2020 Unemployment Income up to $10,200 Possibly Nontaxable by Mike Noon
- PPP Loan Application Open Today by Mike Noon
- 3 Martini Lunch by Mike Noon
- PPP Loan Expenses Appear to be Now Deductible by Mike Noon
- PPP Loan Forgiveness and Adding Covered Expenses Back to Income by Mike Noon
- California Creates $100 Million Hiring Tax Credit for Small Businesses by Mike Noon
- IRS New Form 1099-NEC for Non-Employee Compensation by Mike Noon
- Unemployment Fully Taxable for Federal by Mike Noon
- Employee Social Security 6.2% Tax Deferral 9/1/20 to 12/31/20 UPDATE by Sandra O’Connor
- Employee Payroll Tax Deferral 9/1/2020 to 12/31/2020 by Mike Noon