The answer is "Income is what a person earns, while taxable income reflects deductions for various expenses".
Taxable income is the amount of pay used to figure how much duty an individual or an organization owes to the legislature in a given expense year. It is commonly portrayed as gross salary or balanced gross pay (which is minus any deductions or exceptions permitted in that assessment year). Taxable income incorporates compensation, pay rates, rewards and tips, just as investment pay and unearned pay.
