BUSN 380 STUDY Career Path Begins/busn380study.com BUSN 380 STUDY Career Path Begins/busn380study.com | Page 32

portfolio
excluded
capital gains
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.
$44,000.
$45,400.
$42,000.
$42,800.
Question 6.6. (TCO 2) _____ can be calculated as a result of various
items being subtracted from gross income, such as individual
retirement account contributions and alimony payments.
Adjusted gross income
Taxable income
Earned income
Passive income
Total exclusions
Question 7.7. (TCO 2) When filing your taxes, a set amount on which
no taxes are paid is called _____.
itemized deductions