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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.
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: (10 points) How much is the income tax payable of STA. MARIA for the year
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