In the Philippines,A self-employed resident citizen taxpayer, who is married, has gross profit from sales of goods of P800,000, operating expenses of P200,000, cost of goods sold of P300,000 and personal expenses amounting to P30,000. If the taxpayer chooses to be taxed using the graduated rates, his income tax will be:

• P66,900
• P80,000
• P88,000
• P10,000