Mr. Pangilinan has a portfolio of investments in various banks. He was diagnosed with cancer and had to pre-terminate his investments on February 13, 2021, to use for his medications. Compute for the final taxes on his investments and other income.

a. P4 000 000 invested on Feb. 13, 2018, on a 5-year term

b. P 1 000 000 invested on July 1, 2020.

c. Sold his condominium unit for P24 000 000.

d. Sold his share of stocks in San Miguel Corp. for P500 000.

e. Collected royalties for the book he wrote, P100 000.

Ms. Sherry is working in a private company as a treasury assistant. She earns P360,000 basic salaries annually net of P60,000 mandatory contributions. For the taxable year 2020, she also earned a mandatory 13th-month pay of P30,000, and bonus and allowances amounting to P120,000. She also owned a milk tea house and for the same taxable year, the business had gross sales of P1 500 000 for which the cost of sales is P600,000. Compute for Ms. Sherry’s tax due if:

a. She opted to be taxed at 8%.

b. She opted to be taxed using graduated rates, the itemized deduction.

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