Work Tax Deductions
July 28th, 2008
Question: I live in Florida and I am wondering how the uneployment Tax Deductions work?
When I first filed for unemployment I was told that in order to have taxes withheld from my checks I had to send in the W4V Form…well I never did and now I am wondering if I am going to be oweing all that money to the IRS and if it’s gonna come out of my pocket I simply won’t be getting anything back? As you can tell I am very confused…any HELP?
Answer: Unemployment is taxable income. You’ll get a 1099-G form from the state. If you didn’t have tax withheld, you’ll owe it when you file your returns.
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Tags: business, contract work tax deductions, finance, irs, tax, taxes