Approximately 85 per cent of Social Security is federally taxable by the US, meaning that there is a calculation to determine the amount that is taxable to you on your individual income tax return form 1040.
But the answer is a positive one because you can have the chance to qualify under each program. Both Social Security and the state of Michigan allow workers the opportunity to collect unemployment compensation whilst being entitled to Social Security benefits at the same time without applying an offset or penalty to either check.
You will have to also take into account that you have to be actively looking for, and willing to accept, a full-time job, as per your unemployment agreement. You can then collect retirement benefits as early as when you reach 62 years old, but you can't actually retire while you're also accepting unemployment compensation as well.
The state of Michigan does not tax Social Security. Yet each city may have different rules, so if you get in touch with your local county treasurer's office, they will be able to help you if you pay city taxes.
Social Security is also not subject to FICA taxes. Unemployment income is subject to Federal, State and city taxes. But on the other hand, if you end up being in a zero per cent tax bracket then in this instance anything that you did have withheld will be refunded to you accordingly when you come to filing your income taxes.
But the answer is a positive one because you can have the chance to qualify under each program. Both Social Security and the state of Michigan allow workers the opportunity to collect unemployment compensation whilst being entitled to Social Security benefits at the same time without applying an offset or penalty to either check.
You will have to also take into account that you have to be actively looking for, and willing to accept, a full-time job, as per your unemployment agreement. You can then collect retirement benefits as early as when you reach 62 years old, but you can't actually retire while you're also accepting unemployment compensation as well.
The state of Michigan does not tax Social Security. Yet each city may have different rules, so if you get in touch with your local county treasurer's office, they will be able to help you if you pay city taxes.
Social Security is also not subject to FICA taxes. Unemployment income is subject to Federal, State and city taxes. But on the other hand, if you end up being in a zero per cent tax bracket then in this instance anything that you did have withheld will be refunded to you accordingly when you come to filing your income taxes.