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:
“There is, I think, no point in the philosophy of progressive education which is sounder than its emphasis upon the importance of the participation of the learner in the formation of the purposes which direct his activities in the learning process, just as there is no defect in traditional education greater than its failure to secure the active cooperation of the pupil in construction of the purposes involved in his studying.”
—John Dewey (1859–1952)
“When will the world learn that a million men are of no importance compared with one man?”
—Henry David Thoreau (1817–1862)
“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)
“Cynicism often draws correct conclusions, but nobody could live by its lights.”
—Mason Cooley (b. 1927)
“A genuine Left doesn’t consider anyone’s suffering irrelevant or titillating; nor does it function as a microcosm of capitalist economy, with men competing for power and status at the top, and women doing all the work at the bottom.... Goodbye to all that.”
—Robin Morgan (b. 1941)