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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