Question

In: Accounting

Can the owner of a small business receive unemployment compensation (looking for a long answer)

Can the owner of a small business receive unemployment compensation (looking for a long answer)

Solutions

Expert Solution

The laws regarding eligibility for unemployment compensation vary from state to state. In some states, business owners do qualify for unemployment compensation. In the state of uncertainty about whether you qualify for the benefit or not, it is always better to contact the local state employment office.

The eligibity requirements to claim unemployment compensation in most states are as follows:

- You must be physically able to work.

- Your must be available for a full time job.

- You must be actively seeking employment.

- You must be unemployed through no fault of your own.

Bi-weekly or weekly forms are required to be filled to claim unemployment compensation.However, despite filling these forms owners of small businesses may not qualify for benefits.

Genrally, if you are a small business owner you are not required to pay unemployment tax. If you do not contribute to your state's unemployment fund, you are not eligible to receive unemployment benefits.

Small business owners can qualify for unemployment benefits if they pay themselves wages. However, this is not the case with most business owners.

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Assume that you are a consultant to a small business. The owner of the business does...
Assume that you are a consultant to a small business. The owner of the business does not have an accounting background and has turned to you for assistance.The owner believes that one or more employees may be stealing inventory from the business. Write a memorandum to the business owner in which you identify the type of business and answer the following questions: Identify two (2) signs that an employee might be stealing from the business that detail what should the...
A small business owner visits her bank to ask for a loan. The owner states that...
A small business owner visits her bank to ask for a loan. The owner states that she can repay a loan at $900 per month for the next two years and then $1,800 per month for three years after that. If the bank is charging customers 8.5 percent APR, how much would it be willing to lend the business owner? (Round your answer to two decimal places.)
A small business owner visits her bank to ask for a loan. The owner states that...
A small business owner visits her bank to ask for a loan. The owner states that she can repay a loan at $900 per month for the next two years and then $1,800 per month for three years after that. If the bank is charging customers 8.5 percent APR, how much would it be willing to lend the business owner? (Round your answer to two decimal places.)
A small business owner visits her bank to ask for a loan. The owner states that...
A small business owner visits her bank to ask for a loan. The owner states that she can repay a loan at $900 per month for the next two years and then $1,800 per month for three years after that. If the bank is charging customers 8.5 percent APR, how much would it be willing to lend the business owner? (Round your answer to two decimal places.)
A small business owner visits her bank to ask for a loan. The owner states that...
A small business owner visits her bank to ask for a loan. The owner states that she can repay a loan at $2,300 per month for the next three years and then $4,600 per month for two years after that. If the bank is charging customers 8.25 percent APR, how much would it be willing to lend the business owner?
A small business owner visits her bank to ask for a loan. The owner states that...
A small business owner visits her bank to ask for a loan. The owner states that she can repay a loan at $1,300 per month for the next three years and then $2,600 per month for two years after that. If the bank is charging customers 8.25 percent APR, how much would it be willing to lend the business owner? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
A small business owner visits his bank to ask for a loan. The owner states that...
A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $2,100 per month for the next three years and then $1,100 per month for two years after that. If the bank is charging customers 10.00 percent APR, how much would it be willing to lend the business owner?
A small business owner visits his bank to ask for a loan. The owner states that...
A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $2,100 per month for the next three years and then $3,100 per month for the two years after that. If the bank is charging customers 6.75 percent APR, how much would it be willing to lend the business owner?
A small business owner visits his bank to ask for a loan. The owner states that...
A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $2,100 per month for the next three years and then $3,100 per month for the two years after that. If the bank is charging customers 6.75 percent APR, how much would it be willing to lend the business owner?
A small business owner visits his bank to ask for a loan. The owner states that...
A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $1,800 per month for the next three years and then $800 per month for two years after that. If the bank is charging customers 9.25 percent APR, how much would it be willing to lend the business owner? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT