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Compute the total final tax from certain income

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Reference no: EM133124530

Question - Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses.

Gross business income P500,000

Business expenses 200,000

Interest from savings deposit, BPI-Makati, Philippines 50,000

Prize in a literary contest he joined 100,000

Prize received for achievement in literature (did not join the contest) 10,000

Gain from sale of bonds (maturity is 6 years) 5,000

Cash he inherited from his uncle 300,000

Winnings from illegal gambling 20,000

Required - Compute the total final tax from certain income.

Reference no: EM133124530

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