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)
“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)
“When choosing between two evils, I always like to pick the one I never tried before.”
—Mae West (1892–1980)
“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–?)
“The censorship method ... is that of handing the job over to some frail and erring mortal man, and making him omnipotent on the assumption that his official status will make him infallible and omniscient.”
—George Bernard Shaw (1856–1950)