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The chart shows taxable income.IncomeDeductionsTaxable IncomeTaxesTax CreditTaxes owedWhich explains a difference between income and taxableincome?$50,000Income is what a person earns, while taxable incomereflects deductions for various expenses.$8,950Income is what a person earns, while taxable incomereflects what is left after paying federal taxes,Income is what a person earns, while taxable income$41,050reflects what is left after paying local and state taxes.Income is what a person earns, while taxable income$7,090reflects what is received from the IRS in a tax refund.$1,500$5,590

The chart shows taxable income.IncomeDeductionsTaxable IncomeTaxesTax CreditTaxes-example-1

2 Answers

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Answer:

Income is what a person earns, while taxable income reflects deductions subtracted for relevant expenses.

Explanation:

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User Chude
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Income is what a person earns, while taxable income reflects deductions for various expenses
User Gerswin Lee
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