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:
“There are of course people who are more important than others in that they have more importance in the world but this is not essential and it ceases to be. I have no sense of difference in this respect because every human being comprises the combination form.”
—Gertrude Stein (1874–1946)
“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)
“One must first correct oneself before correcting others.”
—Chinese proverb.
Confucian Analects.
“What is clear is that Christianity directed increased attention to childhood. For the first time in history it seemed important to decide what the moral status of children was. In the midst of this sometimes excessive concern, a new sympathy for children was promoted. Sometimes this meant criticizing adults. . . . So far as parents were put on the defensive in this way, the beginning of the Christian era marks a revolution in the child’s status.”
—C. John Sommerville (20th century)