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The minimum benefit is $50 per week, and the maximum benefit is updated each year. The "base period" for determining benefits is defined as 12 months divided into four consecutive quarters, excluding the quarter immediately prior - i.e., the lookback period is ~17 months pre-disability up to ~5 months pre-disability.
In Canada, the system is known as "Employment Insurance" (EI, French: Prestations d’assurance-emploi). Formerly called "Unemployment Insurance", the name was changed in 1996. In 2024, Canadian workers paid premiums of 1.66% [15] of insured earnings in return for benefits if they lose their jobs.
Unemployment insurance is funded by both federal and state payroll taxes. In most states, employers pay state and federal unemployment taxes if: (1) they paid wages to employees totaling $1,500 or more in any quarter of a calendar year, or (2) they had at least one employee during any day of a week for 20 or more weeks in a calendar year, regardless of whether those weeks were consecutive.
In 2024, the maximum benefit is $4,873 a month, according to the Social Security Administration. That’s up from $4,555 in 2023 and $4,194 in 2022. The maximum benefit usually rises every year to ...
It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit. In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer.
The general Social Security earnings-test limit in 2025 is $23,400 (up from $22,320 in 2024). You'll have $1 in Social Security withheld for every $2 you earn above that limit.
That process is commonly called FUTA credit reduction and was designed as an involuntary repayment mechanism. The reduction schedule is 0.3% for the first year and an additional 0.3% for each succeeding year until the loan is repaid. From the third year onward, there may be additional reduction(s) in the FUTA tax credit (commonly dubbed "add-ons").
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