Question

Please answer the following question (s) in an essay format.  To get credit, your response must be at least one full page of written work (excluding quotes/references), Times New Roman, 12point font, double-spaced, and cited in the proper APA format.

Thinking of the financial issues many people have met due to the Pandemic within the past month or so answer the following question(s) is an essay of one or two well-written paragraphs using complete sentences. Which type of Unemployment Insurance should a (W2)or (1099) person (s) who is now unemployed or underemployed apply to and why?

Answer 1

The global pandemic have changed the lives of many people around the world, and is feared that it will end up leading to global recession. Many people have lost their jobs and the number is ought to increase.

To understand which of the Unemployment insurance would apply, we need to understand the difference between the two:-

1099 employees are self-employed independent contractors. They receive pay in accord with the terms of their contract and get a 1099 form to report income on their tax return. A W2 employee receives a regular wage and employee benefits.

Generally only W2 employees are eligible to apply for insurance in many states, however under the new Coronavirus relief bill, even the self-employed are eligible to claim. The time to process the insurance, however maybe long enough and people have to waut to finally get the money in thei hands.

According to an article dated 26th March by Washington post, "A record 3.3 million Americans applied for unemployment benefits last week, the Labor Department said Thursday, as restaurants, hotels, barber shops, gyms and more shut down in a nationwide effort to slow the spread of the deadly coronavirus".

So, to fight this global pandemic, both the categories can apply for insurance.