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:
“The importance of its hat to a form becomes
More definite. The sweeping brim of the hat
Makes of the form Most Merciful Capitan,
If the observer says so....”
—Wallace Stevens (1879–1955)
“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)
“As the purpose of comedy is to correct the vices of men, I see no reason why anyone should be exempt.”
—Molière [Jean Baptiste Poquelin] (1622–1673)
“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)