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A resident citizen reported the following for the year 2020: Net sales 8,000,000 Cost of sales 3,000,000 Salaries of employees, net of 100,000 withholding tax

A resident citizen reported the following for the year 2020:

Net sales 8,000,000
Cost of sales 3,000,000
Salaries of employees, net of 100,000 withholding tax and 50,000 SSS, Medicare and Pag-ibig contributions 800,000
Fringe benefits given to rank and file employees 300,000
Fringe benefits given to managerial employees 130,000
Business related representation and entertainment expenses 100,000
Rent expense 120,000
Donation to religious and charitable institutions 200,000

Determine the taxable income.

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