MARIA STA. MARIA, a resident citizen is currently employed as Chief Accountant of Bukidnon Steel Mills and also manages her own business, Maria Organic Products. Ms. STA. MARIA provided the following data for her 2020 taxable year:

ACCOUNT TITLE      AMOUNT

Sales P 2,925,000

Cost of Sales 1,175,223

Deductible Expenses:

Travel and Transportation expenses 25,000

 Interest expense 7,000

Salaries and wages 120,000

Janitorial & Messengerial services 35,000

Bad debts 8,000

Calamity Losses 15,000

Depreciation expense 40,000

Research and development 150,000

Taxes and licenses 140,000

Professional fees 80,000

Security services 50,000

Miscellaneous expenses 9,018

Compensation income, gross (1% tax withheld by employer) 1,800,000

Interest from deposit with BPI Manila 83,571

Interest income from dollar deposit with BDO, QC 110,000

Gain from sale of land in Zambales held as capital asset with a cost P1,500,000, with zonal value of P1,200,000.   500,000

Royalty income from musical composition 25,000

13th month pay and other benefits 150,000

Creditable withholding tax on sale of goods 30,000

 

REQUIRED:

How much is the income tax payable of STA. MARIA for the year ?