Mr. Bu Wis, a resident citizen, had a following data on his compensation Salaries and Bonuses P 480,000 Thirteenth month pay 40,000 Christmas Bonus 40,000 Mid year Bonus 40,000 Payroll Deductions Premiums P 6,000 Philhealth contributions 2,400 Pag-ibig contributions 8,000

Mr. Bu Wis, a resident citizen, had a following data on his compensation 

Salaries and Bonuses P 480,000 

Thirteenth month pay 40,000 

Christmas Bonus 40,000 

Mid year Bonus 40,000 

Payroll Deductions 

Premiums P 6,000 

Philhealth contributions 2,400 

Pag-ibig contributions 8,000

Labor Union Dues 2,000 

Payment of Loan from employer 10,000 

Aside from his regular employment, Mr. Wis was able to earn income from sale of his land cost of which P5,000,000. He was able to sell it at P8,000,000, where its fair market value is P 10,000,000. He also realized gain from sale of shares of stock which he bought at P 700,000 and sold it at P1, 500,000.

 Compute the income tax due of Mr. Bu Wis 

• Expert Answer

To compute the income tax due for Mr Bu Wis we need to determine his taxable income and apply the ap View the full answer