Garcia Is Single,65 Years Old,and Has No Dependents

question 50

Multiple Choice

Garcia is single,65 years old,and has no dependents.Garcia will not have to file a tax return in 2016 if:
I.his gross income does not exceed $11,900.
II.his only income is $11,000 of social security benefits.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Misallocation

The improper or inefficient allocation of resources, often leading to suboptimal outcomes or performance.

Production Department

A specific division within a company that is focused on the manufacturing or production of goods.

Manufacturing Overhead Volume Variance

The difference between the budgeted and actual amount of manufacturing overhead costs allocated based on production volume.

Direct Labor Hours

The total time workers spend working directly on manufacturing a product or providing a service, which is often used in allocating manufacturing overhead.