1. how much is the total amount of excluded or exempt income?

2. How much is the final tax on certain income?

3. The taxpayer failed to indicate in his first quarter return the option to be taxed at 8%, how much is the income tax due?

4. The taxpayer signified in his first quarter return to opt for the 8% income tax rate, how much is the income tax due?

A resident citizen, widower, with a dependent minor brother, had the following data on Income and expenses for 2018: Gross Sales P1,500,000 Cost of Sales 1,000,000 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 10,000 contest Gain from sale of bonds (maturity is 6 years) 5,000 Separation pay from his former job (resigned) 250,000 Cash he inherited from his uncle 300,000 Proceeds of his wife's life insurance (irrevocable beneficiary) 1,000,000 Amount received as return of premium (premium paid, 200,000 P150,000) 500,000 Tax informer's reward 10,000 Philippine Charity Sweepstakes winnings 20,000 Interest income from government bonds 10,000 Winnings from illegal gambling A resident citizen, widower, with a dependent minor brother, had the following data on Income and expenses for 2018: Gross Sales P1,500,000 Cost of Sales 1,000,000 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 10,000 contest Gain from sale of bonds (maturity is 6 years) 5,000 Separation pay from his former job (resigned) 250,000 Cash he inherited from his uncle 300,000 Proceeds of his wife's life insurance (irrevocable beneficiary) 1,000,000 Amount received as return of premium (premium paid, 200,000 P150,000) 500,000 Tax informer's reward 10,000 Philippine Charity Sweepstakes winnings 20,000 Interest income from government bonds 10,000 Winnings from illegal gambling