tax consequences

[mushroom]

are edd benefits tax deductible?

[admin]

Mushroom,

EDD benefits (unemployment insurance benefits) are taxable income for federal purposes but are not taxable by the State of California. Essentially unemployment benefits still count as income, so you still need to pay taxes to the federal government.

[MagicOPromotion]

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[SaVofe]

What are the advantages and disadvantages of letting employees pay for the cost of supplemental life insurance on a pre-tax basis? Thanks

[Megan]

Ive been running into this a lot lately. Smaller and not so small employers either pay their employees Individual plan bills or give them cash to pay their monthly individual plan premium, say for the employee rate only. I know this has payroll tax and other consequences for the employer.Does anyone have any experience with these problems or any technical information? THANKS email is fine.

[iketz0]

Originally Posted by admin

Mushroom,

EDD benefits (unemployment insurance benefits) are taxable income for federal purposes but are not taxable by the State of California. Essentially unemployment benefits still count as income, so you still need to pay taxes to the federal government.

This is really true. My mother is experiencing this right now.. the bad thing about this is still you need to pay your tax to the government.

[deckllinbrain]

Originally Posted by admin

Mushroom,

EDD benefits (unemployment insurance benefits) are taxable income for federal purposes but are not taxable by the State of California. Essentially unemployment benefits still count as income, so you still need to pay taxes to the federal government.

I think paying the tax to the government is good because government is paying money to the unemployed people ,so the money is paid to them is taken from us in the form of tax.

[danielponting]

Unemployment benefits still count as income, so you still need to pay taxes to the federal government.

[wabbitstu]

Originally Posted by admin

Mushroom,

EDD benefits (unemployment insurance benefits) are taxable income for federal purposes but are not taxable by the State of California. Essentially unemployment benefits still count as income, so you still need to pay taxes to the federal government.

Unemployment is taxed at the federal level. However, states tend to differ on whether or not unemployment should be taxed at the state level. Meaning some states do tax it, while others don't.

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