Compute the amount of salaries tax payable (excluding provisional tax and tax reduction) by the taxpayer with the following data, if Mr. and Mrs. Ho elect joint assessments

Assessment Year: 2020/21

Age: Mr. Ho: 44; Mrs. Ho: 40

Occupation: Mr. Ho: Certified Accountant & Mrs. Ho: Part-time Secretary

Marital status: Married

Child: Aged 10

Mr. Hos Parents: Aged 78 and 74 (both parents live with the taxpayer)

Monthly salary: Mr. Ho: $72,000 & Mrs. Ho: $12,000

Donation: $50,000 cash

MPF contributions: 5% mandatory

Qualifying Annuity: Mr. Ho: $3,000 per month

Home property: Current value at $8,500,000, purchased 5 years ago.

Mortgage repayments: $17,325.00 per month.

Mortgage interest: $100,378 paid during the assessment year.