Mang Carding is a minimum wage earner. To augment his earnings, he put up a mini store under his name and managed by his wife. Records show the following relating to his compensation and store operations for the taxable year: Basic salary P85,000 Overtime and holiday pay 10,000 13th month pay 8,000 14th month pay 8,000 Allowances 25,000 De minimis – limit 20,000 De minimis – excess over limit 10,000 Store gross income 100,000 Compute the taxable income of Mang Carding.

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