If You are Collecting Unemployment, Read This.

I don’t know about other states, but in Michigan you do have to pay taxes on what you receive from unemployment for the year. When you sign up somewhere in the whole process you are asked if you want taxes taken out of your checks.

Well unless you are very diligent about saving 30 percent of each and every check you receive, especially when you don’t have any other money coming in the door, I would suggest when you are asked this question, you have them take out taxes before they send you the check. This way when you file your taxes, you won’t have to cough up the portion you spent because you forgot about taxes or just had to spend because of the importance of it.

I have always thought that good old Uncle Sam was wrong to collect any taxes on money that they give to people. First off they are paying out the unemployment money from taxes they collect from you, and then when they give it out, they do it again??

This concept of Take & Give & Take again, I have never understood! I can only say that I hope they have kind thoughts of sharing with us, when they do that.

For example: You bake a loaf of bread every day to feed your family, and I get a slice a day because your oven is in my garage. Well one day your oven breaks down and you ask me for a loaf of bread to feed your family dinner. I give you a half of a loaf and say you will have to make do with that. As you are leaving I come up to you and ask for half of what I just gave you. You stand there with a look of disbelief on your face. When suddenly I smile and tell you, that I would like to eat dinner with you and the portion I just took back will be mine to eat. That way I can share the meal with you, by bringing my own and not eating any of yours!! You walk away thinking, man oh man this Uncle Sam guy is such a nice guy to share dinner with me, because everybody knows, It’s Nice to Share!!

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Bankrupt No Option.

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