Mark Finomeno, a resident citizen, reports the following items of inc

Mark Finomeno, a resident citizen, reports the following items of income and expenses as of December 31, 2021:Cash salary, net of withholding tax, P25,000 and SSS, P3,000 – P302,000Dividend from San Magnolia Corporation – P30,000Cancellation of her debt from San Magnolia Corporation – P50,000Living quarters and meals allowances, within the employer’s premises – P40,000Income tax paid by the employer – P5,000One year note receivable from the employer, net of discount P1,000 (maturity June 30, 200B) – P19,000Gross income from business – P400,000Allowable expenses – P250,000Prepaid rent income – P50,000Interest from bank deposit, net of withholding tax –  P18,000Bad debt recovery (60% previously written-off) – P38,000Gambling winnings – P20,000Gambling losses – P30,000Income tax refund – P8,000Household expenses – P200,000Donation from relatives – P150,000Winnings – P10,000Stock dividends from Asia Brewery at fair market value – P4,000  Compute the taxable income subject to the regular income tax. Law Social Science Tax law INCOME TAX 512

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