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:
“In my public statements I have earnestly urged that there rested upon government many responsibilities which affect the moral and spiritual welfare of our people. The participation of women in elections has produced a keener realization of the importance of these questions and has contributed to higher national ideals. Moreover, it is through them that our national ideals are ingrained in our children.”
—Herbert Hoover (1874–1964)
“The Mississippi, the Ganges, and the Nile,... the Rocky Mountains, the Himmaleh, and Mountains of the Moon, have a kind of personal importance in the annals of the world.”
—Henry David Thoreau (1817–1862)
“When choosing between two evils, I always like to pick the one I never tried before.”
—Mae West (1892–1980)
“In correct theology, the Virgin ought not to be represented in bed, for she could not suffer like ordinary women, but her palace at Chartres is not much troubled by theology, and to her, as empress-mother, the pain of child-birth was a pleasure which she wanted her people to share.”
—Henry Brooks Adams (1838–1918)
“Anthropologists have found that around the world whatever is considered “men’s work” is almost universally given higher status than “women’s 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)