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 must continually remind students in the classroom that expression of different opinions and dissenting ideas affirms the intellectual process. We should forcefully explain that our role is not to teach them to think as we do but rather to teach them, by example, the importance of taking a stance that is rooted in rigorous engagement with the full range of ideas about a topic.”
—bell hooks (b. 1955)
“For even satire is a form of sympathy. It is the way our sympathy flows and recoils that really determines our lives. And here lies the vast importance of the novel, properly handled. It can inform and lead into new places our sympathy away in recoil from things gone dead. Therefore the novel, properly handled, can reveal the most secret places of life: for it is the passional secret places of life, above all, that the tide of sensitive awareness needs to ebb and flow, cleansing and freshening.”
—D.H. (David Herbert)
“Although I’ve risen! and my back is bold.
My tongue is brainy, choosing from among
Care, rage, surprise, despair, and choosing care.
I’m semi-splendid within what I’ve defended.”
—Gwendolyn Brooks (b. 1917)
“Cynicism often draws correct conclusions, but nobody could live by its lights.”
—Mason Cooley (b. 1927)
“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)