Activity: MNO is a sole proprietorship owned and managed by Mario N. Ortiz. amounted to P690,000.00 and corresponding cost of sales is P310,500. Aside from sales, there are no other revenues for MNO. Mario opted to used the standard deduction scheme. Based on his accounting books, sales Mario is also fully employed at San Miguel Corp. As an employee, he receives a gross monthly salary of P45,000, net of mandatory contributions, of P120,000. Mario is married with four qualified dependents. Compute for Mario's income tax due and income tax payable.

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.