What is unemployment compensation?
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Last modified 9/25/2023 8:25:26 AM EST |
Added by TaxBandits Team
Applicable To
94X
1099
W-2
ACA
W-4
The unemployment compensation, also known as unemployment insurance or unemployment benefits, is the compensation made by the State to the unemployed people. The unemployed refers to the workers who lost their jobs due to layoffs or retrenchment.
This compensation would be paid to them until they find a suitable job. Not every unemployed person is eligible for this compensation. There are certain conditions, including that he/she should have a working history for a minimum period, those registering as unemployed, and those actively searching for a job.
The payment is made through an unemployment check or a direct deposit. They will receive unemployment compensation for the stipulated period or until they get a job.