the chart shows taxable income. which explains a difference between income and taxable income? income…

the chart shows taxable income. which explains a difference between income and taxable income? income $50,000 deductions -$8,950 taxable income $41,050 taxes $7,090 tax credit -$1,500 taxes owed $5,590 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.

the chart shows taxable income. which explains a difference between income and taxable income? income $50,000 deductions -$8,950 taxable income $41,050 taxes $7,090 tax credit -$1,500 taxes owed $5,590 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.

Answer

Brief Explanations:

Income is the total earnings. Tax - able income is calculated by subtracting eligible deductions (like business expenses, certain allowances) from income. It's the amount on which tax is levied.

Answer:

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