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:
“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)
“The awareness of the all-surpassing importance of social groups is now general property in America.”
—Johan Huizinga (1872–1945)
“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)
“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)
“Knowing how beleaguered working mothers truly are—knowing because I am one of them—I am still amazed at how one need only say “I work” to be forgiven all expectation, to be assigned almost a handicapped status that no decent human being would burden further with demands. “I work” has become the universally accepted excuse, invoked as an all-purpose explanation for bowing out, not participating, letting others down, or otherwise behaving inexcusably.”
—Melinda M. Marshall (20th century)