ACTIVITY NO. 3 - Allowable Deductions Juan Castro had the following income and expense for the year 2019: 11 Pa Income: Salary P200.000 Gross receipts from business 950,000 Gross receipts from profession 150,000 Expenses Cost of sales P450,000 Salaries of employee 500,000 Rent 24,000 Depreciation 30,000 Utility expense 18,000 Taxes and licenses 7,500 Compute his income tax it Castro chooses: a) iternized deduction and b) optional standard deduction