Vincent,age 12,is a Dependent of His Parents

question 82

Multiple Choice

Vincent,age 12,is a dependent of his parents.During 2013,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)$308.
• C)$445.
• D)none of the above.

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Definitions:

Manufacturing Overhead

All indirect costs associated with manufacturing, such as utilities, maintenance, and salaries for management, not directly involved in the production.

Cost of Goods Manufactured

The total production cost of goods completed during a specific period, including materials, labor, and overhead.

Schedule of Cost

A detailed statement that shows the various costs associated with the production of goods or provision of services during a specific period.

Raw Materials

The basic materials from which products are made, often processed or combined with other materials in the production process.