PHILIPPINE TAXATION 2020 (TRAIN LAW)

Ms. REYES is a CPA. She also operates a convenience store. In 2019, her gross sales amounted to 1,800,000.00, in addition to her gross receipts from her accounting practice of 1,300,000.00. She incurred costs of sales and operating expenses amounting to 400,000.00 and 500,000.00, respectively. She already signified her intention to be taxed at 8% income tax rate in her 1st Quarter Return. Compute for taxable income.