Laid off

[Eric the Grey]

As of the 3rd officially, although I was told I can take the 2 weeks paid and leave right away. I took tonight off to put some thought into it but I'm convinced that that is my best option. This will let me switch to daytime wakefulness in order to start a good job search.

I'm getting a bit of a severance package plus unused vacation time which will help, plus there are some openings coming up due to other things going on within the company, and I've been told that I'm welcome to apply for them.

I really like the company, they are doing well by me in this, better than the last time I was laid off ("thanks for your dedication, don't let the door hit you in the ass on the way out") so I'm keeping my fingers crossed.

At any rate, we've got to tighten up the financial belt for the next while, god only knows how long it'll be. My last stint of unemployment lasted 7 months. At least I have classes to relieve some of the boredom..


:cool: Eric the Grey

[Amina516]

Im sorry, EricTG.

That sucks. Hubby went through the same and is trying to get back into school now. Hes had to jump through hoops to get funding, but we'll see.

Im glad you have a little something to keep u on ur feet for a while.

Good luck with the search!

[Whiskey]

Take your two weeks off, since theyre giving it to you, and apply for unemployment this instance. If theyre giving you 2 weeks paid, they wont fight the unemployment claim

[Eric the Grey]

Take your two weeks off, since theyre giving it to you, and apply for unemployment this instance. If theyre giving you 2 weeks paid, they wont fight the unemployment claim

Yea, that's my plan. I know it takes time to get the unemployment process going. I vaguely remember it from my last go-around with it. Best to start it right away.

Tuesday, I start the job hunt, since I have classes on Monday...



:cool: Eric the Grey

[taxguykarl]

Do youself a favor and have BOTH federal and state taxes withheld. Last tax season almost every other return I did had and unemployment 1099.

You don't want to know how many of those either ended up owing or had miniscule refunds--or avoided it by my unmerciful grilling about deductions:D.

Yes, job-hunting expenses (including travel) are still deductible. Good luck.

[Becks]

*lots of hugs*

[Eric the Grey]

Do youself a favor and have BOTH federal and state taxes withheld. Last tax season almost every other return I did had and unemployment 1099.

You don't want to know how many of those either ended up owing or had miniscule refunds--or avoided it by my unmerciful grilling about deductions:D.

Yes, job-hunting expenses (including travel) are still deductible. Good luck.

Thanks...

Just finished going through all that. I did choose to withhold. Should I have done 10 or 14%? It gave me the option, but I wasn't sure which I should choose. I don't want to have to pay next year...


:cool: Eric the Grey

[Der Cute]

I use the 10%, since there is no state income tax where I live.

YMMV.

Sorry you got laid off, but you have opportunities - it really sounds more like they're putting you on "pause" for now, they want you, just don't have the cash on hand.
Take a few days off, why not. It's the end of summer!

[Whiskey]

Thanks...

Just finished going through all that. I did choose to withhold. Should I have done 10 or 14%? It gave me the option, but I wasn't sure which I should choose. I don't want to have to pay next year...


:cool: Eric the Grey

I always pay more now, if I can. I put my w2 deductions at zero.

[BookstoreEscapee]

That sucks. Good luck!

[taxguykarl]

Thanks...

Just finished going through all that. I did choose to withhold. Should I have done 10 or 14%? It gave me the option, but I wasn't sure which I should choose. I don't want to have to pay next year...


:cool: Eric the Grey10% is the standard federal withholding --the other 4% sounds like state. To avoid (or be highly unlikely) owing, choose 14%. You're in Colorado, right? If so, that is one of the 40+ states with an income tax. If you did not get the state withholding, all is not lost. It is not too late to change that. Or you can always file and estimated tax form.
http://www.colorado.gov/cs/Satellite?c=Page&childpagename=Revenue%2FREVXLayout&cid=1177017551295&pagename=REVXWrapper