Q&A of the Week December 30, 2020

Final Q&A of the YEAR! Read our answer below!

Unemployment compensation is taxable on both your federal and state return if you live in a state with state income tax. Unemployment is not subject to Social Security and Medicare tax.
For more information: https://www.fool.com/taxes/2020/12/11/millions-of-americans-could-be-in-for-a-tax-shock/

Come back for more Q&A’s next year!!