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The chart shows taxable income. 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.

Respuesta :

I believe the answer is: A. Income is what a person earns, while taxable income reflects deductions subtracted for relevant expenses

The relevant expenses that could be subtracted could come from the amount of expenditures that you made to do your job, the amount of pension or medical fund you allocate, and the amount of money you've given to the charities. It is important to calculate these properly so you do not fall into the wrong tax brackets.

Parrain

A difference between income and taxable income is that  income is what a person earns, while taxable income reflects deductions subtracted for relevant expenses.

Income v. Taxable income

Income is the total amount that a person gets from their various sources of revenue such as work and investments.

Taxable income on the other hand, is income that has been adjusted for expenses which are not taxable. When these are removed, the remaining amount is subject to taxation.

In conclusion, option A is correct.

Find out more on taxes at https://brainly.com/question/26316390.