Which is TRUE? S1: All taxpayers engaged in trade are allowed to use either itemized or optional standard deduction. S2: Exempt corporations are required to report their income. S3: A registered barangay-micro business enterprise who is exempt from paying income tax is also exempt from filing income tax return. S4: A senior citizen who is engaged in trade or business is exempt from taxation. Group of answer choices a. S1 d. S4 b. S2 c. S3

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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23. 

 Which is TRUE?

S1: All taxpayers engaged in trade are allowed to use either itemized or optional standard deduction.

S2: Exempt corporations are required to report their income.

S3: A registered barangay-micro business enterprise who is exempt from paying income tax is also exempt from filing income tax return.

S4: A senior citizen who is engaged in trade or business is exempt from taxation.

Group of answer choices
a. S1
d. S4
b. S2
c. S3
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