A t a x p a y e r h a s t h e f o l l o w i n g d a t a:

Income from practice of profession, net of tax.......................................................................230,000

Sale of office furniture, holding period 2 years, cost of P9,000............................................... 15,000

Sale of investment in bonds, holding period 6 mos., cost, P8,000............................................ 7,500

Compensation income

Basic salary .................................................................................................350,000

13th month pay.............................................................................................. 25,000

Grocery allowance..........................................................................................10,000

Gross pay......................................................................................................385,000

Less - SSS/Medicare......................................................................................20,000

Union dues........................................................................................................2,000

Tax withheld .....................................................................................................6,600

Salary loan.......................................................................................................15,000 341,400

First prize in environmental essay writing contest.................................................................. 50,000

Royalties on e-books...............................................................................................................35,000

Assume full application of RA 11534 after transitory period.

Requirement:

1. Tax due if taxpayer opted for graduated rates for mixed earnings.