James, 32 years old working as a manager of a universal bank is paid 80,000.00 per month. Aside from his monthly salary he also receives a total of 320,000.00 in bonus divided into 4 quarterly payments. The following data also pertains to the financial transactions of James for the year 2021:

SSS, PHIC, and HDMF Contributions 30, 000.00

Union Dues 12, 000.00

Premiums on Health Insurance 8,400.00

Personal, family and living expenses 500, 000.00

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