In 2018, Ms. Karla Marx, a financial controller of EB Company, earns annual compensation of P1,500,000, inclusive of the 13th month and other benefits in the amount of P80,000 and mandatory SSS contribution of P3,500 and Philhealth contribution of P2,000. Aside from her employment income, she owns a convenience store, VAT-registered, with gross sales of P3,000,000. 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 a non-operating income of P100,000. Payments for the first three (3) quarters amount to P300,000. 

How much is her total taxable income?

Answer rating: 100% (QA)

Gross income 1500000 3000000 4500000 Less Sales return and allowance... View the full answer