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