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The chart shows taxable income.

A 2-column table has 6 rows. The first column has entries Income, Deductions, Taxable income, taxes, tax credit, and taxes owed. The second column has entries 50,000, negative 8,950, 41,050, 7,090, negative 1,500, and 5,590.

Which explains a difference between income and taxable income?

Income is what a person earns, while taxable income reflects deductions subtracted for relevant expenses.
Income is what a person earns, while taxable income reflects what is left after paying federal taxes.
Income is what a person earns, while taxable income reflects what is left after paying local and state taxes.
Income is what a person earns, while taxable income reflects what is received from the IRS in a tax refund.

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Income is what a person earns, while taxable income reflects deductions subtracted from relevant expenses.  explains the difference between income and taxable income. Option A

This is further explained below.

What explains the difference between income and taxable income?

Generally, The term "taxable income" refers to the basis upon which a tax is levied under a system that taxes income. In other words, the amount of revenue that was subject to taxation by the government.

In most cases, it takes into account some or all forms of revenue and deducts costs as well as any other relevant expenses.

In conclusion, Earnings, or income, are the basis for calculating a person's taxable income, which takes into account any necessary deductions. breaks out the distinction between take-home pay and taxable earnings. Solution A

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