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:
“More than ten million women march to work every morning side by side with the men. Steadily the importance of women is gaining not only in the routine tasks of industry but in executive responsibility. I include also the woman who stays at home as the guardian of the welfare of the family. She is a partner in the job and wages. Women constitute a part of our industrial achievement.”
—Herbert Hoover (18741964)
“Ones condition on marijuana is always existential. One can feel the importance of each moment and how it is changing one. One feels ones being, one becomes aware of the enormous apparatus of nothingnessthe hum of a hi-fi set, the emptiness of a pointless interruption, one becomes aware of the war between each of us, how the nothingness in each of us seeks to attack the being of others, how our being in turn is attacked by the nothingness in others.”
—Norman Mailer (b. 1923)
“The angels yawning in an empty heaven;
Alternate shows of dynamite and rain;
And choosing forced on free will: fire or ice.”
—Philip Larkin (19221986)
“who knows when what correct young woman must take up her body
And fly”
—James Dickey (b. 1923)
“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 childs status.”
—C. John Sommerville (20th century)