Texas Two-Step: Unemployment and Extra Cash - Can You Have Your Yeehaw and Eat It Too?
Howdy, partners! Fresh off the tumbleweed rodeo and facing an empty fridge? Unemployed in the Lone Star State and wondering if there's a way to rustle up some extra cash without spooking your unemployment benefits? Well, mosey on up 'cause we're about to dissect this financial fandango.
The Big Enchilada: The 25% Rule
Texas operates on a simple system for unemployment benefits and side hustles. It's all about percentages, honey! You can generally earn up to 25% of your weekly unemployment benefit amount without it affecting your precious checks. So, if your weekly unemployment benefit is a cool $400, you can bring in an extra $100 (that's a quarter there, partner) through your side gig without any hit to your benefits. Think of it as a little bonus round to that unemployment two-step.
Hold Your Horses! There's More...
Now, this ain't a free-for-all at the state fair. Here's what to keep in mind:
- Exceeding the 25% - Go over that magic quarter and your benefits get reduced dollar-for-dollar for the amount you exceed. So, if you earn $150 on your side hustle (more power to you!), your $400 benefit shrinks to $250 that week.
- More Than Your Benefit + 25% - This is where things get dusty. If you're a side-hustle superstar and rake in more than your benefit plus the 25% allowance, then you don't get any unemployment benefits that week.
But Wait! There's a Twist! (For Self-Employed Folks)
Texas has a special rule for self-employed individuals collecting unemployment. They can disregard either $5 or 25% of their weekly benefit amount, whichever is higher. This can be a handy little loophole for some self-employed folks trying to get their businesses off the ground.
The Bottom Line: It's All About Math, Partner
Remember, it's all about keeping track of the numbers. Figure out your weekly benefit amount, then multiply by 0.25 to find your sweet spot for side hustle earnings without impacting your benefits.
How-To FAQ:
How to Find Out My Weekly Benefit Amount?
Your Texas Workforce Commission (TWC) statement of benefits will show this amount. You can also check online through your TWC account.
How to Report My Side Hustle Earnings?
Texas requires you to report all earnings, including side hustles, when you file your bi-weekly claim.
How Do I Know If I Qualify for Unemployment Benefits in Texas?
Head over to the TWC website for a full breakdown of eligibility requirements. Generally, you need to have worked and earned wages in Texas recently, and you must be actively seeking work.
How Long Can I Collect Unemployment Benefits in Texas?
Typically, unemployment benefits last for up to 26 weeks, but this can vary depending on your situation.
How Can I Learn More About Unemployment Benefits in Texas?
The Texas Workforce Commission website is your best resource:
So there you have it, partners! With a little planning and some fancy financial footwork, you can potentially keep that unemployment check coming while you hustle your way to your next big thing. Just remember, stay on the right side of the law and keep the TWC informed. Now, giddy-up and go forth to conquer that side hustle!
