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:
“Society is the stage on which manners are shown; novels are the literature. Novels are the journal or record of manners; and the new importance of these books derives from the fact, that the novelist begins to penetrate the surface, and treat this part of life more worthily.”
—Ralph Waldo Emerson (1803–1882)
“We have been told over and over about the importance of bonding to our children. Rarely do we hear about the skill of letting go, or, as one parent said, “that we raise our children to leave us.” Early childhood, as our kids gain skills and eagerly want some distance from us, is a time to build a kind of adult-child balance which permits both of us room.”
—Joan Sheingold Ditzion (20th century)
“Some of the smartest women in the country said that they’re too embarrassed to attend their reunions at Harvard Business School if they have dropped out of the work force, left the fast track by choosing part-time work, or decided to follow anything other than the standard male career path.”
—Deborah J. Swiss (20th century)
“who knows when what correct young woman must take up her body
And fly”
—James Dickey (b. 1923)
“As a work of art it has the same status as a long conversation between two not very bright drunks.”
—Clive James (b. 1939)