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by Andrew Latham
The uncertainty of not knowing what your income will be in the near future is one of the most distressing things about unemployment. Learn how to calculate your own unemployment insurance weekly benefit amount so you can adjust your family budget and gain a little peace of mind.
This information is based on policy manuals and UI Benefits guides published by the Florida Agency for Workforce Innovation, the Florida agency for employment security. We have just pruned away the fluff, the small print and unreadable jargon that fills many government websites.
Your weekly benefit amount is based on how much money you have earned in your base period. Your base period is made up of the first four quarters of the last 15 months, or five quarters.
A calendar year has four quarters, starting from January to March, April to June, July to September and October to December. To illustrate, if you lose your job the 15th of November, your first quarter would start in April to June and would end on July the first of the previous year.
To calculate your weekly benefit amount, find out in which quarter in your base period you earned the highest total wages. This is your high-earning quarter. Divide the total wages of your high-earning quarter, this includes taxes and all other deductions, by 26. The result is your weekly benefit amount.
For example, if the wages in your highest earning quarter amounted to $6,500, your weekly benefit amount would be $250, or $6,500 divided by 26.
MINIMUM AND MAXIMUM WEEKLY BENEFIT AMOUNTS
Your minimum weekly amount is $32 and your maximum weekly benefit amount is $275. Your maximum unemployment benefits during your benefits year can range from $850 to $7,150. Read on to learn how to calculate your maximum available unemployment benefits.
HOW LONG WILL YOU RECEIVE YOUR WEEKLY BENEFITS FOR?
When you are unemployed you are not only interested in how much you will receive every week in UI benefits, you also want to know how long you will get the payments for. Also, If you have a mortgage and are looking for a loan modification or refinance, your lender will want to know what income you can rely on before approving your application.
To calculate your total available UI benefits divide your total base period wages (remember to use your gross wages, which include your taxes and other deductions) by four.This gives you the maximum amount you can claim in regular Florida Unemployment Insurance benefits. Divide this amount by your weekly benefit amount and round to the closest half-week. The result is the number of weeks you will receive you benefits for.
For example, if your total wages in your base period were $10,000 your total amount available for benefits would be $2,500 (10,000 divided by 4). If your weekly benefit amount is $250, you will receive benefits for 10 weeks (2,500 divided by 250).
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