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I'm currently employed making approximately 50k per year full time M-F.
In my spare time after normal business hours I run my own home based business and make approximately 20k per year.
I'm a bit worried about losing my primary job as the company isn't doing well at the moment. If I were to lose my day job would I be eligible to collect UI benefits? My own business doesn't make enough to pay my bills so I'm a bit worried. I live in MI.
If I need to, should I get my business put in my Wife's name? She does most of the work anyway right now... And should this be done before I lose my job?
Depends on if you think you'll get caught. How many people know about this side business? Does your current employer know about? They'll be the first to turn you in.
I think you should go around and tell people all the time that it's your wife's enterprise and that your very hands off. Also, make it so on paper and put as much distance between it and you.
A few people might know about it which is probably a mistake but I haven't mentioned a word in a long time. I've actually had the business since 2004 but just started making some money. The income goes on my tax return. I can probably figure out how to get it in my wife's name if necessary.
I guess I'm just trying to understand the rules on collecting UI Benefits. So if someone makes 50k like me loses their job but they also worked part time at McDonald's or something, they can't collect UI?
To answer the McDonald's part-time job question, correct. If the earnings from McDonald's exceeds your benefit amount, you are pretty much working for free. Quitting at McDonald's will also not work because it will be your last employer. Quitting before you get laid off from the 50K/year job will work, but many times you don't know you're getting laid off until it happens, and then it's too late.
The state your in does matter. Some have a sliding scale for part-time work, others a flat allowance. For Arizona, it's the first $30 that's excluded. If you are max benefit of $240, and earning $100 from part time employment, you get $240 - (100-30) for $170 each week. Therefore for an extra $30, you're giving up way too much time. Also, in Arizona, you'll be pressured constantly to increase your hours to full-time at the part-time job because if it wasn't suitable work, you wouldn't have taken it in the first place. Anecdotally, I've heard that after approximately 8 weeks of steady part-time earnings, the state presumes that part-time work is what you wanted all along, and then cuts you off.
Repeat - part-time work and unemployment do not mix well.
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