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:
“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)
“Kitsch is the daily art of our time, as the vase or the hymn was for earlier generations. For the sensibility it has that arbitrariness and importance which works take on when they are no longer noticeable elements of the environment. In America kitsch is Nature. The Rocky Mountains have resembled fake art for a century.”
—Harold Rosenberg (1906–1978)
“When choosing between two evils, I always like to pick the one I never tried before.”
—Mae West (1892–1980)
“I have heard arguments ... in favor of pardoning D. M. Bennett, convicted of sending obscene matter through the mails, viz., a pamphlet [by Ezra Hervey Heywood] of a polemical character in favor of free love. While I am satisfied that Bennett ought not to have been convicted, I am not satisfied that I ought to undertake to correct the mistakes of the courts—constantly persisted in—by the exercise of the pardoning power.”
—Rutherford Birchard Hayes (1822–1893)
“His Majesty’s Government view with favour the establishment in Palestine of a national home for the Jewish people, and will use their best endeavours to facilitate the achievement of this object, it being clearly understood that nothing shall be done which may prejudice the civil and religious rights of existing non-Jewish communities in Palestine, or the rights and political status enjoyed by Jews in any other country.”
—A.J. (Arthur James)