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)
“The moment Germany rises as a great power, France gains a new importance as a cultural power.”
—Friedrich Nietzsche (18441900)
“Constantly choosing the lesser of two evils is still choosing evil.”
—Jerry Garcia (19421995)
“The taste is in my mouth a little; and this, no doubt, disqualifies me, to some extent, to form correct opinions.”
—Abraham Lincoln (18091865)
“Anthropologists have found that around the world whatever is considered mens work is almost universally given higher status than womens work. If in one culture it is men who build houses and women who make baskets, then that culture will see house-building as more important. In another culture, perhaps right next door, the reverse may be true, and basket- weaving will have higher social status than house-building.”
—Mary Stewart Van Leeuwen. Excerpted from, Gender Grace: Love, Work, and Parenting in a Changing World (1990)