Mr. Sanchez earned an annual compensation of ₱2,000,000 in 2024. Aside from employment income, he owns a convenience store, with gross sales of ₱2,500,000. His cost of sales and operating expenses are ₱1,350,000 and ₱150,000, respectively, and with non-operating income of ₱200,000.



A. How much is his income tax due for 2024 if he opted to be taxed at 8% income tax rate of his gross sales for his income from business?

B. How much is his income tax due for 2024 if he did non opt for the 8% income tax rate based on gross sales/gross receipts and other non-operating income?

Answer rating: 100% (QA)

A To compute Mr Sanchezs income tax due based on the 8 income tax rate on gross sales we need to det... View the full answer