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)
““I’m sure you’ve often wished there was an after-life.” Of course I had, I told him. Everybody has that wish at times. But that had no more importance than wishing to be rich, or to swim very fast, or to have a better-shaped mouth.”
—Albert Camus (1913–1960)
“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)
“The correct rate of speed in innovating changes in long-standing social customs has not yet been determined by even the most expert of the experts. Personally I am beginning to think there is more danger in lagging than in speeding up cultural change to keep pace with mechanical change.”
—Mary Barnett Gilson (1877–?)
“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)