3. A single resident citizen has two (2) qualified dependent children. During the year 2019, he earns and spends the following: Gross receipts from practice of profession Cost of services Expenses in...

Extracted text: 3. A single resident citizen has two (2) qualified dependent children. During the year 2019, he earns and spends the following: Gross receipts from practice of profession Cost of services Expenses in connection with the practice of profession Hospitalization insurance premium paid P750,000 500,000 50,000 2,000 How much is the taxable net income and income tax due? Income tax due using 8% Gross Receipts Tax Rate.