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Question 1. 1. (TCO 2) This type of tax is assessed on specific goods and services at the time of purchase.
Estate Inheritance Excise General sales Value added Question 2. 2. (TCO 2) Interest earnings of $2,400 from a taxable investment for a person in a 28% tax bracket would result in after-tax earnings of
$672. $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.