Question: Jack worked at Specialized Bicycles, Ltd as an engineer for many years. Unfortunately, in 2021 sales slowed for the company and Jack was laid off

Jack worked at Specialized Bicycles, Ltd as an engineer for many years. Unfortunately, in 2021 sales slowed for the company and Jack was laid off in December 2021. Jack applied for and received $6,000 unemployment compensation in early 2022.

How might it affect jack's taxes. How does compensation work?

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