QUESTION
Juan, Reported the following for taxable year 2021:
Gross Income P5,000,000
Cost of Sales 3,000,000
Salaries of employees, net of P100,000 withholding tax and 800,000
P50,000 SSS, medicare and Pag-ibig premium contributions
Fringe Benefits given to rank and file employees 300,000
Fringe Benefits given to managerial employees 136,000
Business related representation and entertainment expenses 100,000
Rent expenses 120,000
Donation to religious and charitable institutions 500,000
REQUIRED: Determine the taxable income of Juan
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