1. A method for text only mixed raster content (MRC) compression of an associated document, comprising: with a processor, converting an image layer of a segmented input image into a binary image; applying connected component analysis on the image layer to generate a plurality of groups of connected pixels; determining an average color for each group of the plurality of groups; enabling pixels associated with a group in a mask layer when a mask layer corresponding to the average color exists; combining each of a plurality of mask layers into a text layer of the segmented input image, wherein each of the plurality of mask layers is a text layer; and deleting the image layer from the segmented input image, wherein a text only MRC compressed representation of the associated document is output by the multifunction peripheral device.