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)
“Any novel of importance has a purpose. If only the “purpose” be large enough, and not at outs with the passional inspiration.”
—D.H. (David Herbert)
“Some of the smartest women in the country said that they’re too embarrassed to attend their reunions at Harvard Business School if they have dropped out of the work force, left the fast track by choosing part-time work, or decided to follow anything other than the standard male career path.”
—Deborah J. Swiss (20th century)
“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)