Vincent,age 12,is a Dependent of His Parents

question 47

Multiple Choice

Vincent,age 12,is a dependent of his parents.During 2017,Vincent's earned income from wages is $2,600 and Vincent received $3,000 of interest income.The parent's marginal rate is 28% and Vincent's marginal rate is 10%.Vincent's tax is

• A)$265.
• B)$742.
• C)$412.
• D)None of the above.

---

Definitions:

Marginal Cost Curve

The Marginal Cost Curve graphs the cost incurred by producing one more unit of a good, typically showing how this cost changes with increased production.

Total Utility

The utmost satisfaction achieved from utilizing a specified amount of goods or services.

Limited Income

Describes a situation where an individual or household has a finite or restricted amount of monetary resources available for spending and saving.

Marginal Utilities

The gain in utility or enjoyment a consumer realizes from the consumption of one extra unit of a good or service.