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:
“Never before has a generation of parents faced such awesome competition with the mass media for their children’s attention. While parents tout the virtues of premarital virginity, drug-free living, nonviolent resolution of social conflict, or character over physical appearance, their values are daily challenged by television soaps, rock music lyrics, tabloid headlines, and movie scenes extolling the importance of physical appearance and conformity.”
—Marianne E. Neifert (20th century)
“Whoever deliberately attempts to insure confidentiality with another person is usually in doubt as to whether he inspires that person’s confidence in him. One who is sure that he inspires confidence attaches little importance to confidentiality.”
—Friedrich Nietzsche (1844–1900)
“Let him be great, and love shall follow him. Nothing is more deeply punished than the neglect of the affinities by which alone society should be formed, and the insane levity of choosing associates by others’ eyes.”
—Ralph Waldo Emerson (1803–1882)
“It is easier to criticize than to correct our past errors.”
—Titus Livius (Livy)
“[In early adolescence] she becomes acutely aware of herself as a being perceived by others, judged by others, though she herself is the harshest judge, quick to list her physical flaws, quick to undervalue and under-rate herself not only in terms of physical appearance but across a wide range of talents, capacities and even social status, whereas boys of the same age will cite their abilities, their talents and their social status pretty accurately.”
—Terri Apter (20th century)