Importance of Choosing Correct Status
An individual's tax liability depends upon two variables: the individual's filing status and the taxable income. The status can be determinative of the correct amount of tax, whether one can take certain tax deductions or exemptions that could lower the final tax bill, and even whether one must file a return at all. One must file the status honestly, or it will be considered fraudulent and penalties will be assessed.
As a taxpayer, one must withhold at least 90% of the tax burden for the year and should make sure to withhold enough to avoid penalties.
Read more about this topic: Filing Status (federal Income Tax)
Famous quotes containing the words importance of, importance, choosing, correct and/or status:
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—Norman Mailer (b. 1923)
“What is done for science must also be done for art: accepting undesirable side effects for the sake of the main goal, and moreover diminishing their importance by making this main goal more magnificent. For one should reform forward, not backward: social illnesses, revolutions, are evolutions inhibited by a conserving stupidity.”
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—Deborah J. Swiss (20th century)
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—Mary Barnett Gilson (1877–?)
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—Alison Clarke-Stewart (20th century)