with detailed explanation please. thank you.

An individual has the following data for taxable year 2021: Basic Compensation Income SSS, PhilHealth, & HDMF Contributions 13th month pay Overtime Pay Midyear Bonus Revenue from business Cost of goods sold Dividend income from an RFC Operating Expenses Gain on sale of equipment P 360,000 32,000 31,000 40,000 29,000 320,000 200,000 30,000 87,000 26,000 How much is the income tax due if the taxpayer opted to be taxed at 8%