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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.
$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