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Determine the tax due

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Reference no: EM133188539

Question - Assume the following data for 2018:

Compensation income P900,000

Gross sales 2,800,000

Cost of sales (1,500,000)

Operating expenses (750,000)

Total taxable net income P1,450,000

Required -

1) Determine the correct income tax due.

2) Assume the SEP opted to avail the 8% tax under the TRAIN Law, determine the tax due.

Reference no: EM133188539

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