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:
“Never before has a generation of parents faced such awesome competition with the mass media for their children’s attention. While parents tout the virtues of premarital virginity, drug-free living, nonviolent resolution of social conflict, or character over physical appearance, their values are daily challenged by television soaps, rock music lyrics, tabloid headlines, and movie scenes extolling the importance of physical appearance and conformity.”
—Marianne E. Neifert (20th century)
“There are secret articles in our treaties with the gods, of more importance than all the rest, which the historian can never know.”
—Henry David Thoreau (1817–1862)
“Let him be great, and love shall follow him. Nothing is more deeply punished than the neglect of the affinities by which alone society should be formed, and the insane levity of choosing associates by others’ eyes.”
—Ralph Waldo Emerson (1803–1882)
“One must first correct oneself before correcting others.”
—Chinese proverb.
Confucian Analects.
“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)