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
