In 2018, Mr. Marasigan, a financial comptroller of EB company earns annual compensation of P1, 500, 000, inclusive of 13th month and other benefits in the amount of P80,000 and mandatory SSS contribution of P 3,500 and Phil health contribution of P2,000. Aside from her employment income, she owns a convenience store, Vat registered, with gross sales of P 3,000,000. Sales discount amounts to P300,000; sales returns and allowances amount to P150,000. Her cost of sales and operating expenses are P1,000,000 and P600, 000 respectively and with non-operating income of P100, 000. Payments for the first three (3) quarters amount to P300,000.

Questions:

1. Can she avail of the 8% income tax rate?

2. How much is her taxable income?

3. How much is her tax due when she files her final tax return?

4. How much is the output vat, if any?