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