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Compute the taxable income and tax due

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Reference no: EM133091557

Question - Janice operates a mini convenience store while practising her profession as a bookkeeper by offering accounting services to his clients. In 2018, his gross receipts from her store were P550,000 while earning P350,000 from his accounting services. He opted to taxed at an 8% income tax rate in his initial income tax return. Requirement: Write your answer on a separate sheet of paper.

1. Compute the taxable income and tax due.

2. Is Janice liable for percentage tax? If yes, compute for the percentage tax.

Reference no: EM133091557

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