Wondering what you need to know about income taxes and your unemployment benefits? Is the $600 boost taxable, how and when do you pay taxes on ui and pua, how much to set aside, and more. WANT TO SUPPORT MY WORK?

0:09 Chinchilla?
0:16 True start - Is unemployment taxable?
0:48 CA unemployment taxes
1:09 How do you pay UI taxes?
1:09 Checking the box on your certification to withhold
1:49 What if you DONT check the box to have taxes withheld?
2:28 $600 boost taxed?
3:00 I check the box to withhold taxes - isn't the EDD withholding taxes on that boost?
3:36 Should I put aside MORE than 10%?
5:16 Will I receive a tax for from the EDD?
5:36 What if I pay estimated quarterlys
6:15 Summary
6:34 What about the $300 upcoming boost?

 More info on 600 boost taxes: https://www.youtube.com/watch?v=jYXH_WD4UzM&lc=UgynNXSTvdVQNwyias94AaABAg

Department of Labor's publication which states that the FPUC is taxable:

6. Taxable Income. The $600 FPUC is taxable. Therefore, states must include FPUC
when preparing 1099Gs, and must, consistent with Section 3304(a)(l8), FUTA (26
U.S.C. §3304(a)(18)), withhold taxes from the weekly benefit amount and from the

$600 FPUC, when an individual elects to have taxes withheld. as seen here: https://wdr.doleta.gov/directives/attach/UIPL/UIPL_15-20.pdf

https://www.ftb.ca.gov/file/personal/income-types/unemployment.html
https://www.businessinsider.com/personal-finance/is-the-600-unemployment-tax-free-2020-5
https://www.ftb.ca.gov/about-ftb/newsroom/covid-19/help-with-covid-19.html
https://www.debevoise.com/insights/publications/2020/04/dept-labor-issues-guidance-for-600-unemployment

 WANT TO SUPPORT MY WORK?
If I have helped you and you want to say thanks, please open this playlist, mute it, and run it in the background on your computer as long as your computer's open! It gives my channel a big BOOST in many ways in addition to earning me ad revenue :) I truly appreciate your support!
https://www.youtube.com/playlist?list=UUEz8nZeCAei1N52gnVxkCMg&playnext=1&index=1

Follow My Work:
Photography: http://retrospectimages.com
Coaching: https://bowp.mykajabi.com/wedding-photographer-business-coach
Instagram: http://www.instagram.com/ginnysilver
Free Resources for Photographers: https://bowp.mykajabi.com/
Shop Lightroom Presets: https://bowp.mykajabi.com/presets

Get a free stock up to $500 value at sign up: https://join.robinhood.com/ginnys8

Booking + Appointment Scheduling Software I use:
https://acuityscheduling.com/?kw=YToxMjM4ODI1MQ%3D%3D

My Small Business Management Software (Contract signing, calendar management, workflow automation, and more) - Save 50% https://www.17hats.com/card/hwxtpkbgzs

Employee payroll System I use: https://gusto.com/r/ginny8
Get a $100 Amazon giftcard when you run your first payroll

Find a sponsor for your web site and earn commission:
https://shareasale.com/r.cfm?b=44&u=709885&m=47&urllink=&afftrack=

Earn cash back for shopping online at your regular stores + $10 signup bonus:
https://www.rakuten.com/r/GINNYS276?eeid=28187

Mailing List and Webinars Platform I love: https://app.kajabi.com/r/QkdkQzLZ/t/y2t9uhyv

Please note the above contain affiliate links for products and services I use, love, and trust. I will receive a small commission (at no charge to you) when links are used to purchase an item.


#smallbusiness
#selfemployed
#branding