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, choosing, correct and/or status:
“We ought to esteem it of the greatest importance that the fictions which children first hear should be adapted in the most perfect manner to the promotion of virtue.”
—Plato (c. 427–347 B.C.)
“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)
“Anthropologists have found that around the world whatever is considered “men’s work” is almost universally given higher status than “women’s work.” If in one culture it is men who build houses and women who make baskets, then that culture will see house-building as more important. In another culture, perhaps right next door, the reverse may be true, and basket- weaving will have higher social status than house-building.”
—Mary Stewart Van Leeuwen. Excerpted from, Gender Grace: Love, Work, and Parenting in a Changing World (1990)