As multimodal conversational systems increasingly engage in spoken interaction, their ability to navigate paralinguistic social cues has become a critical bottleneck for natural human-AI communication. However, existing evaluations of machine emotional intelligence assess reasoning exclusively through isolated text or passive acoustic perception, overlooking the complex cross-modal reasoning required for active, multi-turn dialogue. We introduce \textsc{SpeechEQ}, a comprehensive framework designed to evaluate the sociolinguistic reasoning of Speech-Language Models (SLMs). The framework includes a validated dataset of 2,265 dialogues across 15 Emotional Quotient (EQ) subscales grounded in EQ-i 2.0 theory, along with a multi-turn evaluation protocol measured by our proposed Spoken EQ (SEQ) score inspired by human EQ assessments. Experiments show limitations in how both existing Speech Emotion Recognition and end-to-end Speech-Language Models understand and apply paralinguistic cues through speech. While end-to-end architectures outperform cascaded systems, \textsc{SpeechEQ} reveals that current multimodal models remain bottlenecked by a text-reliant ``modality shortcut,'' an alignment-induced ``safety trap,'' and ``contextual amnesia,'' highlighting the barriers to truly emotionally aware AI. Our benchmark can be accessed at https://huggingface.co/datasets/SpeechEQ/SpeechEQ and demo page at https://speecheq.github.io

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