Which explains a difference between income and taxable income?
Income is what a person earns, while taxable income reflects deductions for various 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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