1. Peter Senen, single, has the following income and expenses for the year 2020.

Professional income, net of P60,000 withholding tax P540,000

Rental income (net) 47,500

Rewards as BIR informer 30,000

Wagering gains 50,000

Kickbacks received from suppliers of clients 40,000

Interest income on time deposit (net) 32,000

Dividend income from domestic corporations 75,000

Professional expenses 325,000

Household expenses 24,000

Premium payment on health insurance 4,000

Facilitation fees paid to government agencies 15,000

1. How much is the taxable income subject to basic tax for the year 2020?

60,000 is incorrect based on our system grading. please come up with another answer