There are all times in our lives where we go through a slump. This kind of slump is due to a temporary lapse in employment. Thankfully, you pay into your unemployment benefits for such a time as this. It affords you a bit of a lifestyle while you search for your new job. You may have always wondered how to calculate unemployment benefits. In the following article, we will explore how to calculate them.

For An Opportunity Click Here.

Right now, there are many Americans that are having to file unemployment due to Coronavirus. According to Fileunemployment.org, you can actually calculate your unemployment benefits online. You start by visiting the website at https://fileunemployment.org/calculator/. Then, you put in the state that you live in. Next, you will need to know how much you made in four quarters that they specify. This will provide them with a rough guide to calculate your benefits.

For the sake of an example, I put in that I live in California. Then I specified that I made $6000 each quarter of the year. That would make my gross income for the year $24,000, which is on the low side for a person. However, it’s above the poverty level and it makes for a good analogy. My answer came up right away on the site. It says that I would be eligible for $231 weekly for the next 26 weeks.

When I think about that example, hopefully the people who are living through Coronavirus who have lost their jobs are able to go on these benefits. The site also lists that a person on unemployment during this time might be eligible for $600 extra per week for four months as part of the COVID CARES Act benefit. This is very generous and it’s nice to see the American government making allowances for unemployed people during this time. At $831 a week with my example, a person would be making more than what this individual made while employed. It’s a certain type of relief for Americans who have to stay home and cannot go out and look for work.

The previous site is just one of the sites listed that offers to calculate unemployment benefits. Other sites purport that the calculations might not be so easy. Careers site in an article suggested so much. With this advice, it is good to take online calculations with a grain of salt. The reason for this is that not all states have an online calculator. This article was written on April 16, 2020, so the information is up to date according to this article.

The author Alison Doyle goes on to say that each state has different rates. So if you make a certain amount in one state, your benefits would still be different than if you lived and worked in another state. They are also calculated based on the date that you become unemployed. The early bird will always get the worm, so as soon as you do become unemployed, you need to look into how you can get yourself on unemployment benefits.

Just because you happen to be unemployed, it does not mean that you are necessarily eligible for the benefits. You usually have to have lost the job not due to anything that you did to elicit this. You are generally not going to qualify if you quit your job. Also, if you are fired for a reason, then you are not going to be eligible. So the first step in getting your unemployment benefits is to first discover if you are eligible.

Investopedia generally has very accurate information when it comes to finances. They state that unemployment rates are one of the ways that the government gauges the health of the economy. In fact, in the US, it is one of the foremost ways. It makes sense considering that employment is one of the cornerstones that people base their financial health on. More people are willing to spend as well if they have jobs. A country with a low unemployment rate is one that businesses want to invest in.

The government will come up with the unemployment rate based on the U.S. Census statistics. They send out a Current Population Survey each month and it is based on 60,000 households. They do not count “discouraged workers” or people who are not looking for work and are also not currently employed. They then use the numbers that they get to determine the unemployment rate.

It’s interesting to know that the unemployment rate is not based on all U.S. citizens rather than a cross-section of them. Those who are on unemployment benefits might be unemployed through classification, however, they are still counted in this survey if they happen to be marked on one of the monthly Current Population Surveys.

As you can see, it’s a complex process that determines unemployment rates as well as unemployment benefits. The state is the one that regulates how much a person needs to be given based on their salary and what the state allots for each quarter based on income. It’s also interesting to note that unemployment can last for up to six months in California. That’s a pretty big safety net for citizens. However, sadly, there are many homeless Californians that live on the street. It’s a situation that needs attention.

If you are out of a job, you don’t need to be down in the dumps. If you were a good employee and just fired based on reasons out of your control, then you will qualify for these benefits. They can really help an individual when one is pulling up one’s bootstraps. It’s a time to reevaluate your goals while earning more money and look for greener pastures. One door that closes will always open a window up somewhere else. The new place might be an even better fit for you.

Sources

https://fileunemployment.org/calculator/

https://www.thebalancecareers.com/how-to-calculate-your-unemployment-benefits-2064179

https://www.investopedia.com/ask/answers/063015/how-does-us-bureau-labor-statistics-calculate-unemployment-rate-published-monthly.asp