Reference no: EM132948787

Question - Marj, a resident alien individual, supports two qualified dependent children. In 2020, The following data are available for Mr. A:

Gross income (gross sales are P3 million) in Phil is P1,000,000;

Gross income (gross sales of P7 million) in Japan of P5,000,000;

Business expenses in the Philippines amounted to P200,000;

Business expenses in Japan amounted to P800,000;

Japanese Lotto winnings amounted to P400,000;

Interest income in Tokyo Japan is P100,000;

Interest income from a depository bank under EFCDS, Philippines is P300,000;

Interest income on pesos bank deposits in the Philippines is P100,000;

Income taxes paid for the last three quarters is P60,000;

Required - What is the income tax payable (refundable) of Marj if he avails of the 8% Optional Income Tax?