When you claim your weekly benefits it asks if you have made more than $504 that week. Getting either of these would obviously be more than that. Would I not get unemployment if I receive these?
It’s not like my severance or 401k was a lot lol. Which is why I’m asking... Sorry if this has been asked before. What is everyone else doing for this?
Regarding 401k, best to leave it for. If you remember, Macy's has a company match which I believe they should have paid us in March. Because the company is hemorrhaging cash and if you remember moddys lowered M's credit rating to junk, the company decided to 'delay' payment until November. For most it should be 3.5% on the first 6% of your contribution. Best to contact merrill lynch directly for clarification
In NYS, severance is taxable income. If your unemployment claim is approved and you don't acknowledge that you have (or will) receive a severance you are commiting fraud.
Severance will likely be paid as a lump sum but it does represent 1, 3, 8 weeks, whatever, weeks of pay.
Be smart, I doubt you you're going to want to take on the DOL in addition to all that's going on.
One thing about the government, they will come for their if you cheated.
In some states, severance is not considered income. You are able to collect both. Make sure you file for unemployment right away. Make sure you talk to someone at unemployment office to check on the rules in your state for severance.
On unemployment you can collect immediately severance does not affect it. Severance is technically payments from earlier work. So you never have to report the severance money you get when filling out unemployment each week no matter when you get the check from MACYS
When you sign the form send by HR regarding your severance. Will take almost one months. Therefore please apply unemployment right away and 1st week is the waiting period (also count). For example you apply tomorrow. You need to make sure you signed regarding of package and your severance will direct deposit into your account once you signed About 4 to 6 weeks base on Bi-payroll Week. Also please noted 40% after tax. Regarding 401, you can leave it or roll over to other Financial company. Same other advised. Your Feb laid off coworker. : D
In some states if you receive your severance as a lump sum it is not considered as wages / income . So you would still be able to collect unemployment. If you had received payments weekly you would not be able to continue your unemployment.
401k in certain states isnt putting out the 10 percent cash out right now.. you can cash it out with no pentilies,, if you rolled into something else make sure that investment is sound
You won’t be getting your severance immediately so claim your unemployment until you get your funds.
Roll over your 401(k) to some other investment. Do not cash out, if you do it becomes taxable income.
Depends on the state about your severance,how that state counts that kind of pay. Do not report it until it's actually paid and in your bank account.