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:
“Think of the importance of Friendship in the education of men.... It will make a man honest; it will make him a hero; it will make him a saint. It is the state of the just dealing with the just, the magnanimous with the magnanimous, the sincere with the sincere, man with man.”
—Henry David Thoreau (1817–1862)
“The child thinks of growing old as an almost obscene calamity, which for some mysterious reason will never happen to itself. All who have passed the age of thirty are joyless grotesques, endlessly fussing about things of no importance and staying alive without, so far as the child can see, having anything to live for. Only child life is real life.”
—George Orwell (1903–1950)
“To throw obstacles in the way of a complete education is like putting out the eyes; to deny the rights of property is like cutting off the hands. To refuse political equality is like robbing the ostracized of all self-respect, of credit in the market place, of recompense in the world of work, of a voice in choosing those who make and administer the law, a choice in the jury before whom they are tried, and in the judge who decides their punishment.”
—Elizabeth Cady Stanton (1815–1902)
“One must first correct oneself before correcting others.”
—Chinese proverb.
Confucian Analects.
“At all events, as she, Ulster, cannot have the status quo, nothing remains for her but complete union or the most extreme form of Home Rule; that is, separation from both England and Ireland.”
—George Bernard Shaw (1856–1950)