Lewis,who Is Single,is Claimed as a Dependent on His Parents

question 40

Multiple Choice

Lewis,who is single,is claimed as a dependent on his parents' tax return.He received $2,000 during the year in dividends,which was his only income.What is his standard deduction for 2015?

• A)$1,050
• B)$2,000
• C)$2,350
• D)$6,300

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Definitions:

Overhead Applied

The allocated manufacturing overhead costs to individual products or jobs based on a predetermined rate.

Predetermined Overhead Rate

A rate calculated before the year begins, used to allocate estimated overhead costs to products based on a chosen activity base.

Machine-Hours

The total number of hours that a machine is in operation, used as a basis for allocating manufacturing overhead costs related to machinery.

Job-Order Costing

A cost accounting system that accumulates costs for each distinct job or batch, used in situations where products or services are distinctly customizable.