How Benefits for Unemployment Are Factored

Have you recently lost your job?  Or are you looking to create a savings account that will help you manage your lifestyle and bills if you were to lose your job? 

One of the most important steps for you to take is to learn how to calculate unemployment so that you will know how much you would make if this were to happen to you.  Once you know how unemployment benefits work, it can be much easier to prepare for the unexpected. 

The first thing to do when calculating your unemployment benefits is to figure out how much money you made in the highest quarter during the last year of your employment.  When you find that quarter, determine how much money you made in those three months.  Divide that figure by four percent.  In other words, if you made $12,000 in that quarter, you will get $480 per week in benefits if you were to lose your job.

It is important to note that there are many factors that determine your unemployment benefits, including how long you have worked for the company, whether they offer unemployment insurance, and how much money you made.  Whether or not you have a part time job or other earned income will also determine how much money you make. 

There are a number of factors that come into play, but when you are able to determine your potential unemployment benefits, it can be much easier to start saving for a rainy day or in case your job is one of the next to fall victim to a poor economy.