Calculating your Benefit Rate:
Step 1: List your wages in the last 4 quarters. Add your wages in the two quarters you were paid the highest, then divide by 26 (the number of weeks in two quarters) to determine your average weekly wage. If you have earnings in one or two quarters only, the highest quarterly earnings are divided by 13 weeks to determine your average weekly wage.
Step 2: Your average weekly wage is divided in half. This is your "Benefit Rate".
Q3: $8,840 } 2 highest quarters
Average weekly wage = ($8,840+$10,000)/26= $724.61
Benefit Rate = $724.61/2=$362.30
Rounded down to $362.00
Calculating your Benefit Credit:
Step 3: The total amount of benefits you can receive in your benefit year is your "Benefit Credit" and is the lesser of two amounts:
- either 30 times your weekly benefit rate, or
- 36% of the total earnings in your base period
30 times weekly rate = $362.30 x 30 = $10,860
36% of total earnings calc: ($7,800+$7,800+$8,840+10,000) = =($34,440) x 0.36=$12,398
Benefit Credit = lesser amount of $10,860
Calculating your Duration of Benefits:
Step 4: The duration of benefits is calculated by dividing your benefit rate into the total amount of benefits.
Duration of Benefits = $10,860/$362.00 = 30 weeks