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If you file for unemployment benefits now, how much will you get? To answer that question you must first answer two questions: how long will you receive weekly benefits and what will be your weekly benefit amount.
Let’s start with the weekly benefit amount calculation.
WEEKLY BENEFIT AMOUNT IN TENNESSEE
The weekly benefit amount in Tennessee is calculated by taking the average gross income of the two highest earning quarters of your base period and multiplying by 0.0385.
Your base period is made up of the first four quarters of the last five quarters from the date you file your initial claim. These quarters are sets of three consecutive months starting with the January to March quarter and ending with the October to December quarter. You must use these set quarters not any consecutive three months.
For example, if I earned $5,000 and $4,000 in my two highest earning quarters my weekly benefits amount calculation would look like this:
Step 1: $5,000 + $4,000, which is $9,000.
Step 2: Divide $9,000 by 2, which is $4,500
Step 3: Multiply $4,500 by 0.0385, which is $173.5
The maximum you can get in Tennessee is $275 and the minimum is $30.
HOW LONG WILL I GET UNEMPLOYMENT BENEFITS FOR?
The formula to calculate your total amount of benefits is just as easy.
First method: Multiply your weekly benefit amount by 26. In my example that is 4504.5.
Second method: Divide your total income during your base period by four. For example, if I earned a total of $12,000 during my base period, my maximum amount of regular benefits would be $3,000, which at my rate of $173.5 would give me 17 weeks of unemployment.
BENEFIT YEAR
If you start working again, or get sick and cannot search for work, you no longer qualify for unemployment benefits. You can, however, reopen your claim if you lose your job or are fit for work again. You can do this as many times as necessary within your benefit year until you exhaust all your benefit weeks.
LOAN MODIFICATIONS
Calculating your maximum unemployment benefits allowance can be useful if you are trying to apply for a loan modification. Banks want to make sure you have the income to pay for your mortgage once your loan is modified. You can use your unemployment benefits as proof of income while you search for a new job.
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