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:
“One’s condition on marijuana is always existential. One can feel the importance of each moment and how it is changing one. One feels one’s being, one becomes aware of the enormous apparatus of nothingness—the hum of a hi-fi set, the emptiness of a pointless interruption, one becomes aware of the war between each of us, how the nothingness in each of us seeks to attack the being of others, how our being in turn is attacked by the nothingness in others.”
—Norman Mailer (b. 1923)
“The child thinks of growing old as an almost obscene calamity, which for some mysterious reason will never happen to itself. All who have passed the age of thirty are joyless grotesques, endlessly fussing about things of no importance and staying alive without, so far as the child can see, having anything to live for. Only child life is real life.”
—George Orwell (1903–1950)
“Although I’ve risen! and my back is bold.
My tongue is brainy, choosing from among
Care, rage, surprise, despair, and choosing care.
I’m semi-splendid within what I’ve defended.”
—Gwendolyn Brooks (b. 1917)
“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)
“Recent studies that have investigated maternal satisfaction have found this to be a better prediction of mother-child interaction than work status alone. More important for the overall quality of interaction with their children than simply whether the mother works or not, these studies suggest, is how satisfied the mother is with her role as worker or homemaker. Satisfied women are consistently more warm, involved, playful, stimulating and effective with their children than unsatisfied women.”
—Alison Clarke-Stewart (20th century)