Charlie Is Claimed as a Dependent by His Parents in 2018

question 214

Multiple Choice

Charlie is claimed as a dependent by his parents in 2018. He received $8,000 during the year from a part- time acting job, which was his only income. What is his standard deduction?

• A) $8,000
• B) $8,350
• C) $12,000
• D) $1,050

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Definitions:

Direct Materials

Raw materials that can be directly traced to the production of specific goods or services and are significant in cost.

Total Cost

The complete amount of costs involved in producing, purchasing, and/or selling goods or services, including fixed and variable costs.

Inventory Information

Details about the quantities, locations, and values of a company's inventory, used for managing and reporting purposes.

Manufacturing Cost

The total cost incurred by a company to produce a specific quantity of a product, including direct labor, raw materials, and overhead.