New Mexico Unemployment Benefit Questions
How much will I receive as benefits if I qualify for unemployment compensation in New Mexico?
Your Unemployment Insurance weekly benefit amount is based on wages you earned in the first four of the last five completed calendar quarters. This is a ‘Regular’ base period. You must have earned the minimum wages required in at least one quarter, and at least $1.00 of wages in another quarter of the base period to be monetarily eligible.
For 2012, the minimum weekly benefit paid in New Mexico is $74.00 and the maximum is $397.00. Benefits are payable up to twenty-six weeks, depending on your employment history. Additional benefits may be available through federal extensions or tiers during periods of high unemployment.
Can I work while receiving benefits? How will it affect my benefits?
Yes. You can work while collecting benefits but only part-time. You can earn up to 20% of your weekly benefit amount before these earnings are deducted from our benefits. You must report all earnings on your weekly certification. Other types of income – such as holiday, vacation, and pension might also be deducted from your weekly benefit amount. Please note that you must report if you start working full-time.
How can I receive dependency allowance?
You may be eligible for a “Dependents Allowance” of $25.00 for each verified dependent under the age of 18, up to two dependents. You will be asked to provide dependents details when filing your claim.
Is unemployment compensation pay subject to taxes?
Unemployment benefits are subject to federal income taxes and must be reported on your returns. If you choose, federal income taxes will be withheld from your check.