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:
“The importance of its hat to a form becomes
More definite. The sweeping brim of the hat
Makes of the form Most Merciful Capitan,
If the observer says so....”
—Wallace Stevens (1879–1955)
“The awareness of the all-surpassing importance of social groups is now general property in America.”
—Johan Huizinga (1872–1945)
“When choosing between two evils, I always like to pick the one I never tried before.”
—Mae West (1892–1980)
“As the purpose of comedy is to correct the vices of men, I see no reason why anyone should be exempt.”
—Molière [Jean Baptiste Poquelin] (1622–1673)
“A genuine Left doesn’t consider anyone’s suffering irrelevant or titillating; nor does it function as a microcosm of capitalist economy, with men competing for power and status at the top, and women doing all the work at the bottom.... Goodbye to all that.”
—Robin Morgan (b. 1941)