Reference no: EM133127767
Question - Michael Cabarles, single, has the following income and expenses for the year 2018. He supports an eight-year old illegitimate child.
Professional income, net of P60,000, withholding tax 540,000.00
Rental income (net of 5% CWT) 47,500.00
Rewards as BIR informer 30,000.00
Wagering gains 50,000.00
Kickbacks received from suppliers of clients 40,000.00
Interest income on time deposit (net) 32,000.00
Dividend income from domestic corporations 75,000.00
Professional expenses 325,000.00
Household expenses 24,000.00
Premium payment on health insurance 4,000.00
Facilitation fees paid to government agencies 15,000.00
Required - Compute the amount of his taxable income subject to basic tax for 2020?
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