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