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:
“One’s condition on marijuana is always existential. One can feel the importance of each moment and how it is changing one. One feels one’s being, one becomes aware of the enormous apparatus of nothingness—the hum of a hi-fi set, the emptiness of a pointless interruption, one becomes aware of the war between each of us, how the nothingness in each of us seeks to attack the being of others, how our being in turn is attacked by the nothingness in others.”
—Norman Mailer (b. 1923)
“There are of course people who are more important than others in that they have more importance in the world but this is not essential and it ceases to be. I have no sense of difference in this respect because every human being comprises the combination form.”
—Gertrude Stein (1874–1946)
“Let him be great, and love shall follow him. Nothing is more deeply punished than the neglect of the affinities by which alone society should be formed, and the insane levity of choosing associates by others’ eyes.”
—Ralph Waldo Emerson (1803–1882)
“Patriotism is proud of a country’s virtues and eager to correct its deficiencies; it also acknowledges the legitimate patriotism of other countries, with their own specific virtues. The pride of nationalism, however, trumpets its country’s virtues and denies its deficiencies, while it is contemptuous toward the virtues of other countries. It wants to be, and proclaims itself to be, “the greatest,” but greatness is not required of a country; only goodness is.”
—Sydney J. Harris (1917–1986)
“At all events, as she, Ulster, cannot have the status quo, nothing remains for her but complete union or the most extreme form of Home Rule; that is, separation from both England and Ireland.”
—George Bernard Shaw (1856–1950)