Which explains a difference between income and taxable income?
a. Income is what a person earns, while taxable income reflects deductions for various expenses.
b. Income is what a person earns, while taxable income reflects what is left after paying federal taxes.
c. Income is what a person earns, while taxable income reflects what is left after paying local and state taxes.
d. Income is what a person earns, while taxable income reflects what is received from the IRS in a tax refund.