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 (1874–1964)
“We have been told over and over about the importance of bonding to our children. Rarely do we hear about the skill of letting go, or, as one parent said, “that we raise our children to leave us.” Early childhood, as our kids gain skills and eagerly want some distance from us, is a time to build a kind of adult-child balance which permits both of us room.”
—Joan Sheingold Ditzion (20th century)
“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)
“I have heard arguments ... in favor of pardoning D. M. Bennett, convicted of sending obscene matter through the mails, viz., a pamphlet [by Ezra Hervey Heywood] of a polemical character in favor of free love. While I am satisfied that Bennett ought not to have been convicted, I am not satisfied that I ought to undertake to correct the mistakes of the courts—constantly persisted in—by the exercise of the pardoning power.”
—Rutherford Birchard Hayes (1822–1893)
“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)