Experts describe the U.S. tax system as being a progressive system. This means that: every taxpayer in the United States pays the same tax rate on their taxable income. a smaller tax rate is applied to the last dollar of earned income than on the first dollar of taxable income. only those taxpayers that earn income will incur income taxes. a greater tax rate is applied to the last dollar of taxable income than on the first dollar of taxable income. Which of the following equations represent the correct formula for computing a taxpayer's taxable income? Check all that apply. Taxable income = Total income - Exclusions - Adjustments to income - Deductions - Exemptions Taxable income = Gross income - Adjustments to income - Deductions - Exemptions Taxable income = Adjusted gross income - (Deductions + Exemptions) Taxable income = Total income - Exclusions Taxable income = Adjusted gross income - Tax credits Taxable income = Total income + Deductions and Exemptions Taxable income = Gross income - Adjustments O Taxable income = Gross income - Exclusions Which of the following must be included in the computation of a taxpayer's taxable income? Inherited money or property O Interest income received on tax-exempt government bonds issued by states, counties, cities, and districts O Interest and dividend income State and local tax refunds