Tessa owns a small sari-sari store and a beauty parlor. For the previous year, her gross sales in the store amounted to P680,000, in addition to her receipts from the parlor of P500,000. Her total cost of sales/services and operating expenses amounted to P300,000 and P200,000 respectively. What is the income tax due if she signified her intention to be taxed at the 8% income tax rate?

Answer rating: 100% (QA)

To calculate Tessas income tax due we first need to determine her total income from both the s... View the full answer