Ohio Unemployment

March 30th, 2007 Posted by Amelia

The government giveth, and the government taketh away. In case you did not know, your 2006 unemployment benefit is taxable income. Every year in late January, the Department of Labor issues individual statements of unemployment earnings for the previous year, called the 1099 form. All those who are availing the unemployment benefits should have receive their 1099 forms by mid-February 2007. If you do not receive your 1099 form by then, you should contact the nearest office of the Department of Labor and request a duplicate, which they would gladly do, after verifying your address. They also maintain a record of prior years, and you can get those details as well, if you so desire.

If you are getting Ohio unemployment, you must furnish a copy of your 1099 form with your federal tax return. Another copy is required for state tax purposes as well. Your 1099 form carries the details of unemployment allowance earned, and any state or federal taxes withheld.

Ohio Unemployment benefit is considered taxable income under both state and federal laws. The beneficiaries can choose to have their taxes withheld from their unemployment checks, and thousands of them do so. About fifty percent of the unemployment beneficiaries in Ohio have their taxes withheld. In 2006, the amount of taxes withheld from unemployment allowance exceeded $6 million. These numbers reflect regular unemployment insurance payments, Trade/Readjustment Assistance and any extensions to unemployment benefits for special circumstances.

According to an official at the Ohio Dept. of Labor, “Unemployment Insurance benefits not only help workers get by during times of unemployment, it helps stimulate our Ohio economy.” The official added, “With more than $111 million in benefits going out during the year, our state has given significant assistance to both workers and employers in 2006.” Judging from his statement, the unemployment benefits in the state of Ohio are serving more than one purpose.

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Ohio Unemployment Grant

March 30th, 2007 Posted by Amelia

Here’s a pop quiz for you: What series of Dept. of Labor grants has invested $260 million in 26 regions throughout the country, to date? Here’s a hint: the regions affected include Appalachia, the Mississippi Delta, the Delaware Valley and Northern Indiana. That’s right! It’s the WIRED grant program.

The US Dept. of Labor recently announced that it is accepting proposals for the third generation of WIRED grants. This great program has facilitated cooperation between 10 federal agencies, sparking synergy to create high skill and high wage job opportunities for American workers in regional economies.

Secretary of Labor Elaine Chao has said, “This regional economic development strategy transcends political boundaries to better leverage a region’s assets to help workers succeed in the 21st century worldwide economy.”Wouldn’t it be great if one of the WIRED grants wound up as an Ohio unemployment grant?
The previous wave of grants awarded by WIRED, including the $5 million recently awarded to Northern California, and exceeded $65 million.

As with previous WIRED grants, competition is keen. Proposals for WIRED grants must have the state governor’s approval. Each governor received a letter from Secretary Chao about the competition. Governors may submit up to two proposals, for grants up to $5 million each. Competing regions must identify sources of state, regional, and private funding to complement the Labor Department’s investment. In the first round of WIRED grants, $195 million was awarded to 13 regions around the country including the Mississippi/Arkansas Delta region, the Application region, the Delaware Valley, Northern California, Northern Indiana and Northern Alabama.

These areas now enjoy an improved economic outlook and lower rates of unemployment because of the WIRED grants they received in recent years. These areas of distressed economy were identified by state governors supplying competitive data for regions within their states.

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Ohio Unemployment

March 23rd, 2007 Posted by Amelia

The Ohio unemployment figures for March are in, and they’re good.

The Ohio unemployment rate was 5.3% in January, the most recent figures that are available. This was a decrease of 0.3% from the December Ohio unemployment rate of 5.6%, according to the Ohio Department of Job and Family Services (ODJFS). Non-farm wage and salary employment in the state decreased by 12,000 over the month, from 5,442,800 in December 2006 to 5,430,800 in January 2007.

“The decline in the unemployment rate in January is more likely the result of year-end data adjustments than actual changes in the work force,” ODJFS Director Helen Jones-Kelley said.

The total number of unemployed people also declined in the month. The number of unemployed workers in January was 320,000. This represents a decrease of 14,000 from the December unemployment number of 334,000 Ohioans out of work. The number of unemployed workers has decreased by 2,000 over the past 12 months from 322,000. The January 2007 unemployment rate for Ohio was down from 5.5 percent compared to January 2006.

The Ohio unemployment rate is especially impressive, considering that nationally, unemployment rose slightly, from 4.5 % to 4.6%.

Looking at the seasonally adjusted figures, Ohio’s nonagricultural wage and salary employment fell 12,000 over the month, from 5,442,800 in December to 5,430,800 in January, according to the a recent business survey conducted by the ODJFS.

Service providers declined 8,500 to 4,406,500 in January 2007. Declines in administrative, support and waste services lowered employment in professional and business services by about 6,300. There were also declines in financial activities, other services, and information, totaling 3,600. The educational and health services sector was also down by 200 jobs.

Growth occurred in several industries, including trade, transportation and utilities, which added 800 jobs. The hospitality and leisure industry added 700 jobs while government added 100 jobs.

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Ohio Unemployment

March 15th, 2007 Posted by Amelia

Did you receive unemployment benefits at some point during 2006? If you did, you are among thousands of others in the state of Ohio.

Anyone who obtained Ohio unemployment benefits last year should have a 1099 by mid February. If you did not receive a 1099, contact the Ohio Dept. of Labor. You will need to verify your current address with them. Once they confirm your address, they will send a new copy of the 1099 for 2006. Forms for years prior to 2006 may also be available upon request.

It is required that you pay tax on your unemployment benefits. The government compensated more than $171,856,893.92 in unemployment benefits during 2006. In Ohio, over 6 million dollars was withheld in federal taxes on unemployment wages. Most people did not request taxes be withheld from their income, so they will have to pay later on. The IRS usually wants a copy of the 1099 filed with federal income tax returns. Many states also want the form along with state taxes. This is true for those who had withholdings and for those who did not.

The 1099 is a record of income paid that would not be reported on a W-2. Self-employed individuals like independent contractors sometimes receive 1099s as a record of payment for services. People who are paid but not considered regular employees are normally the ones to get this form. Anyone collecting unemployment benefits falls under this category. Most of the time, taxes are not taken out of these wages. If there are any deductions, such as child support and other court ordered fees, those would be recorded on the 1099.

The 1099 was created to make it easier to keep track of income received that does not come from a regular job. It is basically the W-2 for the unemployed and the self-employed.

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Ohio Unemployment Grant

January 25th, 2007 Posted by Amelia

WIRED is a program conducted by the U.S. Department of Labor to improve the economy in troubled regions by training workers. Technically, the program is the Workforce Innovation in Regional Economic Development initiative, although it is universally called WIRED.

The most recent WIRED program of up more than $4.5 million dollars is an Ohio unemployment grant to help workers in Ohio’s Appalachian region. The region has long suffered high unemployment and poor economic performance. WIRED addressed underperforming area economies by training workers.

The U. S. Department of Labor recently announced that many Ohio workers are among those to benefit from a grant of up to $65 million. Under the program, the Appalachian area will use the grant to improve Ohio unemployment and the area economy by training employees. WIRED has a proven record of accomplishment. The first group of WIRED grants awarded $195 million to 13 regions. The grants are awarded based on a competition involving the state governors.  In total, this second round of WIRED grants will exceed $65 million.

“Investing in area workforces through this collaborative approach will boost entire regions’ economic vitality,” U. S. Secretary of Labor Elaine Chao said when announcing the grant.  Part of the WIRED effort includes a recent Ohio unemployment grant of up to $5 million to train workers in the Appalachian Ohio area. The grant includes an initial gift of $500,000 for training in the region. After a regional implementation plan is prepared, the region will be given an additional $4.5 million grant.

Secretary of Labor Chao adds, “This regional economic development strategy transcends political boundaries to better leverage a region’s assets to help workers succeed in the 21st century worldwide economy.”

The Workforce Innovation in Regional Economic Development program is an attempt by the U.S. Labor Department’s Employment and Training Administration to help struggling regional economies in several areas.

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