Rene is a private employee of ABC Company for 29 consecutive years in 2020. He was employed since he was 25 years old and now, in 2021, upon his birthday on August 31, he is planning to retire. In 2020, he received the following considerations for ABC: 1. His basic pay is P40,000 per month. RATA and traveling allowances are 5,000 and 20,000, respectively, and are given every 15th of the month.

2. He received monetized sick leave equal to 20 days and vacation leave equal to 14 days. (uses 265 days a year as the basis of your computation)(only the basic pay is considered in the computation.)

3. He received 13th to 15th-month pay. The computation for this includes RATA and traveling allowances.

4. Christmas cash gift of P10,000.

5. Microwave oven that he won from the Christmas raffle with a fair value of P13,000.

6. Rice subsidy per month of P2,100.

7. Laundry allowance of P250 per month.

He was allowed to resign effective on September 1, 2021. He received retirement pay which was computed as 110% of his basic salary multiplied by the number of years he has worked for the company. If the excess months are 6 months or more, it will be considered as an additional year. Assume his date of employment is February 1.

In 2021, he received the following:

1. The portion of his 13th to 15th-month pay.

2. Car with a fair value of P2,000,000 which was purchased by the company for P5,000,000 exactly ten years ago(September 1).

3. Loyalty award in kind, in the cash, P30,000.

How much is Rene's income tax in 2020?