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:
“The importance of a lost romantic vision should not be underestimated. In such a vision is power as well as joy. In it is meaning. Life is flat, barren, zestless, if one can find one’s lost vision nowhere.”
—Sarah Patton Boyle, U.S. civil rights activist and author. The Desegregated Heart, part 1, ch. 19 (1962)
“I can never bring you to realize the importance of sleeves, the suggestiveness of thumb-nails, or the great issues that may hang from a boot-lace.”
—Sir Arthur Conan Doyle (1859–1930)
“To throw obstacles in the way of a complete education is like putting out the eyes; to deny the rights of property is like cutting off the hands. To refuse political equality is like robbing the ostracized of all self-respect, of credit in the market place, of recompense in the world of work, of a voice in choosing those who make and administer the law, a choice in the jury before whom they are tried, and in the judge who decides their punishment.”
—Elizabeth Cady Stanton (1815–1902)
“The best way to correct a mistake is to make it right.”
—Henry David Thoreau (1817–1862)
“The influx of women into paid work and her increased power raise a woman’s aspirations and hopes for equal treatment at home. Her lower wage and status at work and the threat of divorce reduce what she presses for and actually expects.”
—Arlie Hochschild (20th century)