The median pay for surgical techs is $56,350 annually, according to the Bureau of Labor Statistics.
Working as a surgical tech can be a great way to build a fulfilling career in the medical field. Read on to learn more about a surgical tech’s role and salary, as well as the pros and cons of this job.
What Are Surgical Techs
The role of a surgical tech can vary greatly but generally involves assisting surgeons with tasks, such as closing surgical sites and making incisions. Other common duties include:
• Readying supplies for surgery
• Sterilizing equipment
• Getting the operating room surgery-ready
• Physically preparing patients for surgery
• Assisting surgeons during surgery
• Maintaining sterile environment
• Keeping track of supplies during and after surgery.
While some of these tasks are solitary, many involve interacting with patients and other members of the medical team. Given this degree of interaction, this can be a very rewarding career choice, although it may not be a good job for antisocial people.
Surgical techs often complete training at a community college or vocational school, typically requiring nine to 24 months of study. For this reason, being a surgical tech can be a good career without a college degree.
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How Much Do Starting Surgical Techs Make a Year?
Here’s information about what a surgical tech can make as an entry-level salary and later on in their career. The lowest 10% of surgical tech earners make less than $35,130 as of 2022.
However, there is a lot of room to move up in this field. The top 10% of earners make on average $95,060, meaning they are very close to making a $100,000 salary per year.
If someone is looking to optimize their earning potential, they should look for a surgical tech role in a high-paying setting. The type of medical office a surgical tech works in can affect how much they earn:
• Offices of physicians: $62,400
• Outpatient care centers: $59,740
• General medical and surgical hospitals; state, local, and private: $58,460
Those considering training to be a surgical tech may wonder about pay grades. The truth is, that answer depends a lot on the state they end up working in. The median hourly pay rate for this role is $27.09, but as the table illustrates below, can vary greatly by state.
The figures here for average salary and wages are arranged from highest to lowest paying.
What Is the Average Surgical Tech Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
Oregon
$112,962
$9,413
$2,172
$54.31
Alaska
$112,406
$9,367
$2,161
$54.04
North Dakota
$112,389
$9,365
$2,161
$54.03
Massachusetts
$111,047
$9,253
$2,135
$53.39
Hawaii
$110,015
$9,167
$2,115
$52.89
Washington
$107,487
$8,957
$2,067
$51.68
Nevada
$106,280
$8,856
$2,043
$51.10
South Dakota
$106,220
$8,851
$2,042
$51.07
Colorado
$104,887
$8,740
$2,017
$50.43
Rhode Island
$104,629
$8,719
$2,012
$50.30
New York
$99,697
$8,308
$1,917
$47.93
Delaware
$98,598
$8,216
$1,896
$47.40
Vermont
$97,356
$8,113
$1,872
$46.81
Virginia
$97,172
$8,097
$1,868
$46.72
Illinois
$97,143
$8,095
$1,868
$46.70
Maryland
$95,489
$7,957
$1,836
$45.91
Nebraska
$93,450
$7,787
$1,797
$44.93
Missouri
$92,871
$7,739
$1,785
$44.65
California
$92,615
$7,717
$1,781
$44.53
South Carolina
$92,071
$7,672
$1,770
$44.26
Pennsylvania
$91,330
$7,610
$1,756
$43.91
New Jersey
$91,143
$7,595
$1,752
$43.82
Oklahoma
$90,500
$7,541
$1,740
$43.51
Maine
$90,453
$7,537
$1,739
$43.49
Wisconsin
$90,262
$7,521
$1,735
$43.40
North Carolina
$90,170
$7,514
$1,734
$43.35
New Hampshire
$88,816
$7,401
$1,708
$42.70
Idaho
$88,596
$7,383
$1,703
$42.59
Texas
$88,000
$7,333
$1,692
$42.31
Kentucky
$87,715
$7,309
$1,686
$42.17
Wyoming
$87,407
$7,283
$1,680
$42.02
Minnesota
$87,181
$7,265
$1,676
$41.91
Michigan
$86,830
$7,235
$1,669
$41.75
New Mexico
$86,691
$7,224
$1,667
$41.68
Indiana
$86,252
$7,187
$1,658
$41.47
Ohio
$84,743
$7,061
$1,629
$40.74
Arizona
$84,468
$7,039
$1,624
$40.61
Connecticut
$84,039
$7,003
$1,616
$40.40
Mississippi
$83,449
$6,954
$1,604
$40.12
Iowa
$83,345
$6,945
$1,602
$40.07
Montana
$83,195
$6,932
$1,599
$40.00
Arkansas
$82,892
$6,907
$1,594
$39.85
Alabama
$82,157
$6,846
$1,579
$39.50
Utah
$80,963
$6,746
$1,556
$38.92
Tennessee
$80,904
$6,742
$1,555
$38.90
Kansas
$78,574
$6,547
$1,511
$37.78
Georgia
$76,536
$6,378
$1,471
$36.80
Louisiana
$76,117
$6,343
$1,463
$36.59
West Virginia
$70,535
$5,877
$1,356
$33.91
Florida
$67,735
$5,644
$1,302
$32.57
Source: Ziprecruiter
đź’ˇ Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Surgical Tech Job Considerations for Pay & Benefits
It’s very common for surgical techs to hold full-time positions and as such, they tend to qualify for traditional employee benefits like paid time off, retirement accounts, and healthcare. This can be a very demanding role that may require being on call during weekends, holidays, and nights. Shifts can also be very lengthy and last longer than a typical eight-hour workday.
Pros and Cons of Surgical Tech Salary
Still not sure if working as a surgical tech is the right fit? Here are some pros and cons associated with this role’s salary and job requirements.
Pros
Cons
• Median annual salary is high ($56,350)
• May not need a college degree
• Employment opportunities expected to grow by 5% from 2022 to 2032
• Around 8,600 openings for this role per year
• Long shifts that can surpass eight hours
• Physically demanding work
• Can be on call during nights, weekends, and holidays
With a solid median annual salary of $56,350 and the top 10% of income earners in the surgical tech field making more than $95,060, there is a lot of earning potential in this role. The job can be demanding and being on call is often part of the job description, but the high pay can be worth the sacrifices.
FAQ
Can you make 100k a year as a surgical tech?
It may be possible to make $100,000 a year as a surgical tech for those with a lot of experience or who work in high-cost-of-living areas where standard pay is higher. The top 10% of surgical tech earners make more than $95,060 annually, so the potential to earn six figures is within reach.
Do people like being a surgical tech?
Many people enjoy working as a surgical tech, especially if they have an interest in the medical field and helping people. However, those who are introverts or who consider themselves antisocial may not enjoy this job.
Is it hard to get hired as a surgical tech?
While you have to meet very specific qualifications to work as a surgical tech, if you do, you can likely find job openings in this field. Between 2022 and 2023, surgical tech employment is projected to grow by 5%. This growth rate is faster than average compared to other occupations.
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News anchors make an average salary of around $48,000 a year, according to ZipRecruiter.
But keep in mind there are many factors taken into account when determining pay, including experience, market size, location, and the size of the employer. For example, news anchors working in locations with larger audience sizes and for bigger networks or cable news will generally make higher salaries.
• The average annual salary for a news anchor is approximately $48,000.
• Entry-level news reporters typically earn about $42,378 annually.
• Factors influencing pay include experience, market size, and employer size.
• Top news anchors can earn upwards of $100,000 per year.
• News anchor roles often come with benefits like health insurance and retirement plans.
What Are News Anchors?
News anchors are journalists who are responsible for delivering the news to their audience. These professionals can work for a television, radio, cable, or media outlet. Some work in local markets, while others broadcast in national markets or on cable news.
News anchors spend some days in the newsroom and others covering a story out in the field. Many start their careers as reporters, covering a specific beat or coverage area, like state and local government, education, or local businesses.
As a news anchor, it’s important to stay up to date on current events and have strong interview, researching, and writing skills. And since you’ll likely handle breaking news from time to time, it also helps if you’re good at multitasking and staying calm under pressure.
News anchors also have a lot of interaction with other people and work with a team, including producers, reporters, audio engineers, and camera operators. If this much interaction isn’t the right fit for you, you may want to look into jobs for introverts.
Like many journalism roles, a news anchor requires a bachelor’s degree. Internships can be a great way to gain experience in the field, establish contacts, and start building your professional network.
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How Much Do Starting News Anchors Make?
An entry-level news reporter makes an average of $42,378 a year, according to ZipRecruiter.
That said, there are many factors that come into play when determining salary, such as location and experience. It’s common for news anchors to start their careers as reporters in small local markets and work their way up to anchor desks in larger news markets. Bigger markets — and more viewers — typically bring higher salaries.
Many considerations should go into what makes a good entry-level salary, including work schedule flexibility, paid time off, and benefits like health insurance and a retirement plan.
As mentioned, the average salary for a news anchor is $48,077 a year, according to ZipRecruiter. If you want to break it down to how much a news anchor makes an hour, the average is roughly $23.
For the top earners, the average salary is around $58,500 a year, and for the bottom 25th percentile the average salary is $40,000. Some news anchors, usually those working at major news networks, can make more than $100,000 a year.
However, no matter how much you earn, it’s a good idea to set short- and long-term financial goals. A money tracker app can help you monitor your spending and saving and also provide useful insights.
News Anchor Job Considerations for Pay and Benefits
Being in the news industry means covering fresh stories and meeting new people every day, but the pace can be relentless. Breaking news can happen at any time and anywhere, which can mean working beyond a typical 9-5 schedule and having to travel unexpectedly.
News anchor compensations can also include benefits like a retirement savings plan and health insurance. Some roles may also come with added perks like car services and wardrobe stipends. Bonuses can also be common in the industry.
It’s important to note that the journalism industry can be shaky and is expected to shrink in the coming years. The Labor Department forecasts that employment of news analysts, reporters, and journalism will drop 3% from 2022-2032. That means that it expects there to be 56,600 jobs in the industry in 2032 compared to 58,500 in 2022.
đź’ˇ Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Pros and Cons of News Anchor Salary
There are many factors to consider when evaluating a salary, including the local cost of living and your spending and debt levels. Advancing into bigger markets can bring a substantial pay increase for news anchors.
The life of a news anchor can seem glamorous between the wardrobe, hair and makeup, and lights and cameras. But the news cycle can be draining, and there isn’t a lot of flexibility when it comes to the schedule or remote work options.
Morning news anchors will start their days before the sun comes up, preparing for interviews, catching up on news, and reviewing a show’s rundown. If you are looking for roles with more flexibility, you may want to explore work-from-home jobs.
The Takeaway
Becoming a news anchor means taking on the responsibility of delivering news to viewers. A typical news anchor salary is around $48,077 a year, per ZipRecruiter.
But that figure can vary depending on experience, the size of the employer, the size of the market, and other factors. Typically, news anchors start their careers in smaller, local markets. As they gain more experience, they may have opportunities to advance to larger markets, which tend to pay more.
If you’re passionate about the news and want to help keep your community informed, a career as a news anchor may be right for you.
With SoFi, you can keep tabs on how your money comes and goes.
FAQ
What is the highest-paying news anchor job?
Generally speaking, news anchors can make more working in a major, national market. For instance, prime-time television news anchors who work for major media broadcasters can earn millions per year.
Do news anchors make $100k a year?
Anchors who work at a major news network might earn more than $100,000 a year. However, the average salary is closer to $48,077 a year.
How much do news anchors make starting out?
According to ZipRecruiter, an entry-level news reporter earns around $42,378 per year. Location, experience, and the size of the employer can all play a role in a starting salary for a news anchor.
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SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Not all wills are alike; there are actually four main kinds and one of them is right for you. Sure, writing a will can be an easy task to put off until “someday.” But what if the worst were to happen before “someday?” That could mean a complicated and emotionally draining legal process for your loved ones. Creating a will not only can provide peace of mind for your loved ones after you die, but it can also provide peace of mind for you right now.
The simple definition of a will is a document that states your final wishes. This alone was sufficient a century ago, when many people had limited property to pass down. But in the modern era, when “property” encompasses everything from the contents of your long-forgotten storage unit to the crypto you decided to buy on a whim, a simple will may not encompass your complex life.
Not only that, but a will is a document that only takes effect after you die. But what if you were medically unable to make decisions? Modern end-of-life documents encompass your wishes if you were medically or otherwise unable to make decisions on your own. Among these documents is one that also has the world “will” in its name.
4 Kinds of Wills
As you begin estate planning, you’ll likely come across four common types of wills. These are:
• A simple will
• A joint will
• A testamentary trust will
• A living will
Let’s look at each type of will more closely.
What Is a Simple Will?
Like the name, a simple will may be the type of will that pops into your mind when you hear the word “will.” This will can:
• State how you want your property bequeathed upon death
• Provide guardianship specifications for minors
Upon death, a simple will is likely to go through a legal process known as probate to divide assets. Sometimes, in the case of high-net worth individuals, probate can be expensive. (For those with complex situations and a positive net worth, a trust can help handle those what-ifs. It can transfer assets out of your estate and into the trust, which can be advantageous in terms of taxes.) But in many situations, a simple will can provide peace of mind for people in good health. Later, these individuals may want to take on more complex estate planning, but a will provides a good foundation when it comes to making sure guardians are named and property is divided according to your wishes.
A simple will can be created through online templates, and the cost can be zero dollars to several hundred dollars. More expensive online options may come with support from an attorney who can help answer simple questions. Once created, a will then needs to be made legal according to state laws. This may include signing the will in front of witnesses. You may also want to have it notarized. Having a hard copy of the will, as well as people who know how to access it in case of your death, can ensure the will is found in a timely manner if you were to die.
💡 Quick Tip: We all know it’s good to have a will in place, but who has the time? These days, you can create a complete and customized estate plan online in as little as 15 minutes.
What Is a Joint Will?
A joint will functions in much the same way as a simple will, except it is a will created by two people, usually who are married to each other. It merges their wishes into a single legal document. In many cases, this kind of will dictates that property will be left entirely to the surviving partner. Here’s the catch, though: Upon death, property will be distributed in the manner dictated by the will — the surviving person does not have the ability or authority to make changes to what the will says once the initial spouse has died.
This can sound streamlined, especially if couples were planning to leave everything to each other anyway. But this type of will can cause headaches. For example, if the surviving spouse has more children or gets remarried, it can be almost impossible to provide for additional people not named in the initial, joint will.
There could be problems even if the surviving spouse does not remarry. For example, if the marital home is considered an asset to be given to the couple’s children upon the death of both of the will’s creators, it may be impossible for the surviving spouse to sell a home to downsize.
One alternative that may suit married couples is to create two individual wills. This may provide a greater degree of flexibility and better achieve the desired effect without ruling out all of life’s what-ifs.
What Is a Testamentary Trust Will?
A testamentary trust will is usually part of big-picture estate planning. It is a document that creates a trust that goes into effect when you die. This trust can outline how certain types of property will be divided. A testamentary trust can have certain stipulations (for example, someone only inherits X piece of property when they reach Y age). This can also be used for people with minors or dependents to help ensure that wishes are followed.
What’s more, a testamentary trust can also help provide for pets. Because a pet can’t own property, naming your “fur baby” within a will can set up a legal headache. But a testamentary trust can ensure that your pet will be provided for according to your wishes.
It’s worth noting that a testamentary trust will go through the probate process, and it may not have the same tax benefits for recipients as other types of trusts. Weighing the pros and cons of different trust options can be helpful before settling on the best one for your situation.
What Is a Living Will?
This is a hard topic to think about, but what if you were in an accident and were knocked unconscious? What if you were undergoing treatment for a serious medical condition and couldn’t fully grasp the options offered to you? There’s a way to put a trusted relative or friend in the decision-making role. A living will, which is also known as an advance directive, specifies your wishes if you were medically incapacitated or unable to make or communicate decisions about your medical care. It also stipulates who your healthcare proxy, also known as a medical power of attorney, would be to make medical decisions on your behalf.
If you are creating a living will, you may also want to create a power of attorney document as well. This designates a person, who may or may not be the same person as your healthcare proxy, who has the right to make financial decisions on your behalf. Having a living will can cover unexpected situations that may occur before death and can be an integral part of end of life planning.
💡 Quick Tip: It’s recommended that you update your will every 3-5 years, and after any major life event. With online estate planning, changes can be made in just a few minutes — no attorney required.
The Takeaway
While end of life planning can be a challenging or sad endeavor, it’s an important step in making sure your assets are directed where you want them to go and that other important wishes are executed as you want. There are four main types of wills to help you legally record your plans. You’ll have options; more than one may suit your needs. And you can decide to use online services or work in person with an attorney.
In either case, making a will can give you peace of mind right now — and help smooth things along for your loved ones in the future during a difficult time.
When you want to make things easier on your loved ones in the future, SoFi can help. We partnered with Trust & Will, the leading online estate planning platform, to give our members 15% off their trust, will, or guardianship. The forms are fast, secure, and easy to use.
Create a complete and customized estate plan in as little as 15 minutes.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Unemployment benefits can help you get by in the event of job loss, but this money is subject to taxes just like any other source of income. How much your unemployment benefits are taxed depends on your filing status, tax bracket, and state of residence.
In this guide to unemployment benefit taxes, you’ll learn the ins and outs so you can pay Uncle Sam what you owe. Read on to find out:
• Are unemployment benefits taxable?
• How are unemployment benefits taxed?
• What are tips for paying taxes on unemployment benefits?
Do You Have to Pay Taxes on Unemployment Benefits?
Yes, you do have to pay taxes on unemployment benefits. They are taxable like any other income. That means you won’t actually get to keep all the money the government gives you while you’re unemployed. You’ll have to give some of it back, just as you do on many other forms of money you receive. It’s simply part of being a taxpayer.
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How Is Unemployment Taxed?
Now that you’ve learned that unemployment benefits are taxable, consider the details. How much are the taxes, is it just federal or state taxes too, and how do you pay them?
How Much Are Unemployment Benefits Taxed?
No matter which state you live in, your unemployment benefits are taxed at the federal level. That means everyone — including residents of states without income taxes — must pay taxes on unemployment compensation.
How much you owe depends on your filing status and tax bracket. The United States is on a progressive tax system: In general, the higher your adjusted gross income (AGI), the more you’ll pay in taxes.
For the 2023 tax season (filed in 2024), there are seven federal tax brackets, ranging from 10% to 37%.
Before filing your taxes, you’ll receive a Form 1099-G, Certain Government Payments, reflecting your unemployment benefits. This form will indicate how much unemployment compensation you received as well as how much was withheld, if applicable. You’ll need this form, plus any records of quarterly payments (more on those below) when filing your taxes.
Unemployment Benefit Taxes at the State Level
When determining how much unemployment benefits are taxed, don’t forget that federal taxes may not be the only funds due. Depending on where you live, you may have to pay state income taxes on your unemployment compensation, too. Nine states do not have personal income taxes on what are considered wages:
• Alaska
• Florida
• Nevada
• New Hampshire
• South Dakota
• Tennessee
• Texas
• Washington
• Wyoming
If you live in one of those nine states, you don’t have to pay state income taxes on unemployment benefits.
That said, four states that do have a state income tax also don’t tax your unemployment compensation:
• California
• New Jersey
• Pennsylvania
• Virginia
If you live in one of the remaining 37 states (or Washington, D.C.), you’ll have to pay state taxes on any unemployment earnings.
How to Pay Taxes on Unemployment Benefit
Like it or not, you’ll owe taxes (federal and maybe state) on any unemployment compensation. Now that you know how unemployment is taxed, consider how you can pay those taxes. You have two main options:
• Have the taxes withheld like you would from a paycheck
• Estimate and pay the taxes each quarter
Here’s a closer look at each option.
Withholding Taxes
When you initially apply for unemployment, you can ask to have taxes withheld from your payments. However, federal law has established a flat rate of 10% for tax withholding for unemployment benefits.
When you receive income as wages, you can usually specify how much you want to have withheld via filling out Form W-4.
If you expect to be in a higher tax bracket and need to pay more in taxes than what’s being withheld, you can make quarterly estimated payments for the difference.
If you’re currently receiving unemployment compensation and taxes aren’t being withheld, you can submit Form W-4V.PDF File , Voluntary Withholding Request, to initiate the 10% withholding on future benefit distributions.
To avoid owing an underpayment penalty when you file your taxes, you may need to make quarterly estimated payments on your unemployment earnings. You can use Form 1040-ES and send in your payment by mail, or you can pay online or over the phone.
If you’re new to estimating taxes, you can use the IRS resource for quarterly taxes , work with an accountant, or use tax software.
Get up to $300 when you bank with SoFi.
No account or overdraft fees. No minimum balance.
Up to 4.20% APY on savings balances.
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Tips for Paying Taxes on Unemployment Benefits
Being unemployed can be stressful, and on top of that, it may be hard to figure out how to properly pay taxes on unemployment benefits you receive. Follow this advice which can help simplify and clarify the process.
• Opting into tax withholding: When you apply for unemployment, you can opt into automatic tax withholding at a flat 10% rate. While it may not be enough to cover your entire tax liability, it’s a good start — and can keep you from overspending your unemployment compensation.
• Setting aside money in a high-yield savings account: If you don’t opt in to withholding (or if 10% is not enough to cover your tax liability), you’ll need to pay quarterly estimated taxes on your unemployment income. To avoid accidentally spending that money before it’s due, it’s a good idea to calculate what you’ll owe and put it in a savings account that pays a competition rate that you won’t touch until it’s time to pay Uncle Sam. Bonus: You’ll be earning interest on the money.
• Keeping track of all your earnings and paperwork: Tax filing can be complicated — there are lots of forms to collect and statements to reference. Keeping clean records of benefit distributions and quarterly payments throughout is crucial to preparing for tax season.
• Using IRS Free File: Because you have to pay taxes on all income, including unemployment, you’ll likely want some help. If your adjusted gross income is $79,000 or less, you can get free guided tax preparation through IRS Free File . If your AGI is too high but you’re feeling overwhelmed by how complicated your taxes are, it might be a good idea to pay for tax software or hire an accountant.
• Being aware of unemployment fraud: It’s possible for criminals to use your personal information to falsely make unemployment claims in your name. If you receive Form 1099-G for unemployment compensation but did not receive any unemployment benefits, follow the Department of Labor’s steps for reporting unemployment identity fraud .
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The Takeaway
Like other forms of income, unemployment benefits are subject to taxes. If you aren’t having taxes withheld from your unemployment compensation — or if the flat 10% rate is not high enough — the IRS requires that you pay quarterly taxes. Paying what you owe on unemployment benefits is an important and necessary step in correctly filing your tax return.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.
FAQ
Do you pay less in taxes when you’re on unemployment?
Your tax rate depends on your adjusted gross income. If you earned less income because you were unemployed — and your unemployment checks are smaller than your paychecks had been — you can expect to pay less in taxes.
Are unemployment benefits taxed in states with no income tax?
Unemployment money is taxed at the federal level no matter which state you live in. However, if you live in a state with no state income taxes, you won’t have to pay state taxes on your unemployment benefits. Four states that levy income taxes also exempt you from paying those state taxes on unemployment compensation: California, New Jersey, Pennsylvania, and Virginia.
Was pandemic unemployment taxed?
Pandemic unemployment was not taxed for the 2020 tax year — to a certain degree. Following the historic job loss associated with the initial wave of COVID-19, the government passed the American Rescue Plan Act of 2021, which made the first $10,200 of unemployment benefits non-taxable.
However, this was a one-time exclusion. Though the pandemic continued beyond the 2020 tax year, unemployment income became completely taxable once again.
Photo credit: iStock/PixelsEffect
SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
What is it about the words “tax audit” that so many people find so anxiety-provoking? The idea that the Internal Revenue Service (IRS) could be poring over your tax return can be downright nerve-racking, not to mention the possibility of mistakes found and penalties incurred.
But take a deep, calming breath: Over the last decade, the IRS audit rate has been declining. In 2022 (the most recent data available), the odds of an audit were 3.8 out of every 1,000 returns filed (0.38%), a slight decline from tax year 2021, when the odds of audit were 4.1 out of every 1,000 returns filed (0.41%).
But even so, you likely want to do your best to avoid going through that process. This is an informative, high-level overview of IRS audit triggers, and it should not be considered tax advice. It’s always worth consulting a tax professional for any questions or concerns because taxes are complicated and highly personal.
Read on to learn:
• What is an audit?
• What are reasons why someone may get audited?
• What should you do if you get audited by the IRS?
What Is a Tax Audit?
A tax audit is a process by which the IRS reviews an individual’s or organization’s accounts as well as their financial details to make sure that the information submitted has been reported correctly and in keeping with the prevailing tax laws.
The IRS usually sends a letter when it reaches out to ask for more information, and the letter should let you know specifically what the agency is looking for.
You shouldn’t ever receive a text, email, or phone call from the IRS asking for personal or financial information. If you do, the IRS website offers several steps for checking out and reporting any suspicious contact .
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No account or overdraft fees. No minimum balance.
Up to 4.20% APY on savings balances.
Up to 2-day-early paycheck.
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Reasons Why Someone May Get Audited by the IRS
Here’s a closer look at some of the typical IRS audit triggers. Knowing them can help you understand and possibly avoid the process as you work your way through tax season.
• You’re a high earner. In 2022, the odds that a millionaire was audited by the IRS was 1.1 percent — higher than the average audit rate. If you are a high earner, it may be worthwhile to work with an experienced CPA to ensure you file precisely. You may also want to investigate ways to lower taxable income for high earners.
• You claimed the Earned Income Tax Credit. The Earned Income Tax Credit, or EITC, is a provision that helps lower- and moderate-income workers and their families receive a tax credit. This can reduce the taxes owed or possibly increase a refund. However, research indicates that those who claim the credit are audited at a higher rate than average, perhaps because the IRS wants to be sure the credit is being used appropriately.
• You failed to report all your income. When you are issued a W-2 form or 1099 form showing your earnings, the IRS receives a copy too. If your return doesn’t reflect the same figures that they have when they perform a cross-check, you could wind up being audited.
• You didn’t report all of your stock trades. When you sell stock shares, the funds you receive are taxable unless the investments happen to be a retirement account that is tax-deferred. Both you and the IRS will be sent a particular kind of 1099, a Form 1099-B, reflecting activity, and you will have to report your capital gains and losses when you do your tax return. The tax rate will depend on how long you have held the investment, but it’s important that these transactions be reported and paid up when you file your return.
• You claim large charitable contributions. If you claim tax deductions for charitable donations of cash or items, it’s important to keep records and receipts. For a donation of cash or goods worth more than $250, the IRS requires you to get a written letter of acknowledgment from the charity by the date you file your taxes. If you’ll deduct at least $500 in donated items, you need to fill out Form 8283. For any items worth more than $5,000, you must attach an appraisal of the item to the form. Large and unsubstantiated contributions can be problematic.
• You claim a home office. If you are self-employed, you may deduct a percent of your rent, phone bills, and other work-related costs on Schedule C of your return. Another option is to deduct $5 per square foot of space used for business, up to $1,500. However, the IRS has over the years been successful in minimizing this home office deduction on returns, especially since the home office must be for the exclusive purpose of work; it can’t double as, say, a guest room. This means it can be an audit risk to take this on your return.
• You claim that your car is only used for business. This is another audit red flag. If you are self-employed and depreciate a car on Form 4562 and claim that it’s used for business 100% of the time, you may well be stretching the boundaries of believability. Because it’s unusual that a vehicle wouldn’t also be used for personal transportation, you may trigger an audit with this 100% figure. It can be important that tax deductions for freelancers aren’t too large versus income.
• You accept cash transactions. If you work in the kind of business where you often get paid in cash, especially large amounts, your return may receive extra scrutiny. The IRS requires individuals and businesses to report cash transactions over the sum of $10,000. Banks must also report potentially suspicious transactions involving cash (for instance, if someone deposits $9,500 in cash one day and $700 the next, thereby skirting the $10,000 reporting threshold).
• Your business regularly shows losses. Of course, not all businesses are always profitable. But if you’ve started an enterprise and it keeps showing losses, year after year, it might be what triggers an IRS audit. It could look as if you have established this endeavor simply as a way to benefit from some tax deductions. The same can hold true if your business is barely break-even.
• You claim lots of travel and entertainment deductions. What else can trigger a tax audit? Here’s another one for self-employed workers: If you claim a lot of restaurant dinners, travel, and shows as business expenses, you may raise eyebrows at the IRS. This is especially true if the meals and hotels seem more lavish than your business might otherwise qualify for. Save all your receipts and documentation, and know that a high level of these expenses being claimed on Schedule C may get some attention and even an audit.
• You make errors on your tax return. As you prepare for tax season, you may feel overwhelmed or be in a rush. Or perhaps you’re just not the most detail-oriented person on the planet. But if you make math mistakes on your return or, say, round up numbers to the nearest $10 or $100 because you can’t be bothered with change, heads-up: You may put yourself in line for an audit. Precision and specificity do count.
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A Few Facts About Tax Audits
Here are a few points to be aware of on the topic of IRS tax audits. They may clarify some concerns that are on your mind.
A Compliance Contact Isn’t Always an Audit
A compliance check is a review done by the IRS to ensure that a taxpayer is adhering to the requirements for recordkeeping and information reporting. It does not relate directly to whether or not a person owes taxes.
There Are Different Types of Audits
Just as there are different kinds of taxes, so too are there different kinds of audits. If you are being audited by the IRS, there are a couple of ways this may happen. Mail audits are fairly common; in these, you mail in documents in response to specific inquiries. Office and field audits are more serious, and the IRS asks for proof of credits and deductions, and may look at your financial records more carefully to see if your tax return is correct. The IRS may be looking for tax evasion on these kinds of audits. The third kind of audit is what’s known as a CP2000 notice. Technically, this isn’t an audit but an underreporter inquiry, and is likely about a discrepancy between your return and the tax documents that were filed with them for the tax year in question.
Some Groups Face Higher Audit Rates than Others
While audit rates have dropped for all income levels, those with incomes below $25,000 and above $500,000 are audited at higher rates than the average.
Good Record Keeping May Offer Protection
If you are audited, it can be very helpful if your records are in good order. That way you can explain the amounts you reported and easily answer questions the IRS may have. This can serve as a good incentive for you to keep your records diligently going forward.
Ignoring the IRS Could Be Costly
What happens when you get audited can of course vary. But one possibility if you are audited is that you may be liable for back taxes not paid and penalties. These penalties typically accrue over time, so the longer you go without paying them, the higher they can be. That’s why it’s a good reason to respond promptly if you do get audited.
💡 Quick Tip: Bank fees eat away at your hard-earned money. To protect your cash, open a checking account with no account fees online — and earn up to 0.50% APY, too.
What to Do if You Get Audited
What if you are one of those few people who is told that your returns are being reviewed? This is what to expect and what to do if you get audited by the IRS:
• Typically, you will get a letter from the IRS in the mail that will identify an issue (such as your reporting less income than their records show you earned) and requesting a response.
• It’s wise to gather your documents so you can make your case. It can be smart to send your reply as a clear, concise statement of what your documentation shows and share those records to help prove your point.
• One important thing to do when you get audited is to reply in a timely manner and make sure your reply gets where it’s going. It can be a wise move to use additional mail services to ensure you have proof of delivery.
• If you worked with a CPA or an enrolled agent on your return, they can likely advise you. If you used tax-return software, they may also offer help.
• Your response to the mail inquiry may be enough to resolve the situation. Or the IRS may have additional questions for or requirements of documentation for you. If things escalate to a face-to-face meeting, you may want to have a tax professional work with you and accompany you for guidance and support.
• Whether it’s a correspondence exam or an in-person audit, you’ll get a printed list of specific records the IRS wants to see. If your audit is being managed by mail, you may be able to send the documents electronically or by mail. (Be sure to get a receipt for delivery.) Note the IRS will generally accept copies and they caution against mailing original documents in. If it isn’t possible to send the documents, you can request an in-person meeting.
• If you need more time to respond to a correspondence exam, you can fax or email a request for an extension using the contact information in your IRS letter. Or, if you’re being asked to comply with an in-person exam, you can contact the auditor assigned to your case to request an extension.
• Also worth noting: If the IRS finds discrepancies in your return, it may review returns from up to the last six years to better assess what the situation is.
The Takeaway
No one can guarantee a return won’t be audited by the IRS — even if you aren’t doing any of the things most experts say might put you at higher risk. But if you’re honest about your income and your deductions, keep organized and complete records, take care to enter all information accurately, and double-check your work, you may be able to avoid major problems should you get audited.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.
FAQ
Are audits always negative?
While IRS audits make most people sweaty-palmed, they can be as simple as answering some questions by mail. They are not necessarily as scary as you may think.
How do I know that I am being audited?
If you are being audited, you will be notified, most likely by mail, by the IRS.
What happens after an audit is conducted?
After an audit is conducted, you will be told the outcome. You may be told you owe taxes and penalties or not. If you are assessed additional taxes and fees, you can complete paperwork and pay them if you agree with the findings. If you don’t, you can contact the auditor to discuss and request a review of the findings. If necessary, the matter can be escalated to Alternative Dispute Resolution (ADR) or you can file an appeal with the IRS Appeals Office.
SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
