You just cited the gross income, not what you get after taxes. You still get taxed on that AND you don't have benefits like health insurance - COBRA for continuing health care is expensive as is the alternative, although slightly less so, of paying for health care through an the ACA health care exchanges 100 percent out of your own pocket. For health care all that extra money will more than exceed health insurance for a family of 4. The extra money ends at the end of July.
Again, that is gross income NOT net income. That number is pre-tax income, unemployment is taxed just like income at a job. You can choose when filing to defer paying those taxes until when you file, but you do still need to pay them when you file for taxes come April for the previous year. So when you file you'll end up owing money and have to pay the income taxes you never paid. You're definitely still not coming out ahead.
So again, the additional 600 as part of the CARES act ends at the end of July. And you have to have to wait one week where you're unemployed - receiving no income - to be able to file. So you also lose one week of earnings no matter what. I don't think most people are coming out ahead on this by far.. it seems maybe a very small majority might briefly come out ahead but they seriously risk it all being canceled out if they're unemployed still past July.
Again, that is gross income NOT net income. That number is pre-tax income, unemployment is taxed just like income at a job. You can choose when filing to defer paying those taxes until when you file, but you do still need to pay them when you file for taxes come April for the previous year. So when you file you'll end up owing money and have to pay the income taxes you never paid. You're definitely still not coming out ahead.
So again, the additional 600 as part of the CARES act ends at the end of July. And you have to have to wait one week where you're unemployed - receiving no income - to be able to file. So you also lose one week of earnings no matter what. I don't think most people are coming out ahead on this by far.. it seems maybe a very small majority might briefly come out ahead but they seriously risk it all being canceled out if they're unemployed still past July.