Kentucky Statutes 341.395 – Information to be given to individual filing new claim — Deduction and withholding of income tax
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(1) An individual filing a new claim for unemployment compensation shall, at the time of filing the claim, be advised that:
(a) Unemployment compensation is subject to federal and state income tax; (b) Requirements exist pertaining to estimated tax payments;
(c) The individual may elect to have federal income tax deducted and withheld from the individual’s payment of unemployment compensation at the amount specified in the Federal Internal Revenue Code; and
(d) The individual shall be permitted to change a previously elected withholding status one (1) time during the individual’s benefit year.
(2) Amounts deducted and withheld from unemployment compensation shall remain in the unemployment fund until transferred to the federal taxing authority as a payment of income tax.
(3) The secretary shall follow all procedures specified by the United States Department of Labor and the Federal Internal Revenue Service pertaining to the deducting and withholding of income tax.
(4) Amounts shall be deducted and withheld in accordance with the priorities established in administrative regulations promulgated by the secretary.
Effective: July 15, 1996
History: Created 1996 Ky. Acts ch. 266, sec. 13, effective July 15, 1996.
(a) Unemployment compensation is subject to federal and state income tax; (b) Requirements exist pertaining to estimated tax payments;
Terms Used In Kentucky Statutes 341.395
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Fund: means the unemployment insurance fund established by KRS §. See Kentucky Statutes 341.020
- Secretary: means the secretary of the Education and Labor Cabinet or his or her duly authorized representative. See Kentucky Statutes 341.005
- State: includes , in addition to the states of the United States of America, the
District of Columbia, Puerto Rico, the Dominion of Canada, and Virgin Islands. See Kentucky Statutes 341.020 - Year: means calendar year. See Kentucky Statutes 446.010
(c) The individual may elect to have federal income tax deducted and withheld from the individual’s payment of unemployment compensation at the amount specified in the Federal Internal Revenue Code; and
(d) The individual shall be permitted to change a previously elected withholding status one (1) time during the individual’s benefit year.
(2) Amounts deducted and withheld from unemployment compensation shall remain in the unemployment fund until transferred to the federal taxing authority as a payment of income tax.
(3) The secretary shall follow all procedures specified by the United States Department of Labor and the Federal Internal Revenue Service pertaining to the deducting and withholding of income tax.
(4) Amounts shall be deducted and withheld in accordance with the priorities established in administrative regulations promulgated by the secretary.
Effective: July 15, 1996
History: Created 1996 Ky. Acts ch. 266, sec. 13, effective July 15, 1996.