BUSN 380 STUDY Career Path Begins/busn380study.com BUSN 380 STUDY Career Path Begins/busn380study.com | Page 25

$1,728.
$2,400.
$3,333.
$8,571.
Question 3. 3. (TCO 2) _____ can reduce taxable income.
Portfolio income
Tax credits
Exclusions
Passive income
Earned income
Question 4. 4. (TCO 2) Mary has earned money from a limited
partnership, so she would need to report this as _____ income.
passive
capital gain
portfolio
earned
excluded
Question 5. 5. (TCO 2) George Washburn had earnings from his
salary of $44,000, interest on savings of $800, a contribution to a
traditional individual retirement account of $2,000, and dividends
from mutual funds of $600. George's adjusted income (AGI) would be
$43,400.