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:
“Think of the importance of Friendship in the education of men.... It will make a man honest; it will make him a hero; it will make him a saint. It is the state of the just dealing with the just, the magnanimous with the magnanimous, the sincere with the sincere, man with man.”
—Henry David Thoreau (1817–1862)
“Kitsch is the daily art of our time, as the vase or the hymn was for earlier generations. For the sensibility it has that arbitrariness and importance which works take on when they are no longer noticeable elements of the environment. In America kitsch is Nature. The Rocky Mountains have resembled fake art for a century.”
—Harold Rosenberg (1906–1978)
“The angels yawning in an empty heaven;
Alternate shows of dynamite and rain;
And choosing forced on free will: fire or ice.”
—Philip Larkin (1922–1986)
“who knows when what correct young woman must take up her body
And fly”
—James Dickey (b. 1923)
“Anthropologists have found that around the world whatever is considered “men’s work” is almost universally given higher status than “women’s work.” If in one culture it is men who build houses and women who make baskets, then that culture will see house-building as more important. In another culture, perhaps right next door, the reverse may be true, and basket- weaving will have higher social status than house-building.”
—Mary Stewart Van Leeuwen. Excerpted from, Gender Grace: Love, Work, and Parenting in a Changing World (1990)