4 replies
  1. Jodith
    Jodith says:

    On whether or not to have taxes withheld from your unemployment: After being laid off twice in the last two years, I found that you can often get away with not having tax withheld.

    When you’re working, you have taxes withheld at a rate that assumes you’ll be making the same amount throughout the year. Being unemployed for a month or more usually takes down your annual income enough that what was withheld while you were working covers what you end up owing from your unemployment coverage.

    Of course, it will depend on how much you’ve worked that year and how much money you made compared to your unemployment rate. It helps to look at the tax forms and estimate how much you’ll end up making by year end, how much you’ll have withheld, and decide if you want the taxes withheld from your unemployment, because everyone’s case is different.

    In my case, I worked 7 months, was unemployed for 3.5 months and worked the last couple of months at a slightly less amount than I made in the first 7. I came out getting a refund because those 3.5 months dropped my annual salary so much. (my unemployment was a little less than half of my working take home pay).

  2. Chris from Luxembourg Banking Jobs
    Chris from Luxembourg Banking Jobs says:

    I would also write down what you did at your most recent job on a daily basis – so you can update your resume with accuracy once you have had a bit of time to reflect. It is amazing how quickly we can forget important duties we might have had. This is particularly important as a resume customized for each application is best – so having a list of everything you did, written whilst it is fresh is useful, especially if you plan a break for starting your job search.


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