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TRUE OR FALSE A mixed income earner may choose to be taxed at 8% on both their employment income and income from business and/or practice of profession. The option to be taxed at 8% is irrevocable for the entire taxable year except when the taxpayer has exceeded the VAT threshold of P3,000,000 during the taxable year.' A VAT self-employed taxpayer whose sales did not exceed P3 million is required to compute his/her income tax using graduated rates of 0% to 35%. A partner in a general business partnership is required to use the progressive or graduated rates of 0% to 35%. The sale of real property classified as capital asset located outside the Philippines by a resident alien is not subject to 6% capital gains tax, but to ordinary/regular income tax. Capital gain on the sale of short-term (less than 5 years) domestic bonds by a non- resident citizen is subject to 15% capital gains tax. . TRUE OR FALSE A mixed income earner may choose to be taxed at 8% on both their employment income and income from business and/or practice of profession. The option to be taxed at 8% is irrevocable for the entire taxable year except when the taxpayer has exceeded the VAT threshold of P3,000,000 during the taxable year.' A VAT self-employed taxpayer whose sales did not exceed P3 million is required to compute his/her income tax using graduated rates of 0% to 35%. A partner in a general business partnership is required to use the progressive or graduated rates of 0% to 35%. The sale of real property classified as capital asset located outside the Philippines by a resident alien is not subject to 6% capital gains tax, but to ordinary/regular income tax. Capital gain on the sale of short-term (less than 5 years) domestic bonds by a non- resident citizen is subject to 15% capital gains tax