Extracted text: An individual (Resident citizen) earning compensation and business income provided the following income (within the Philippines unless otherwise stated) for the year: Basic salary (Net of withholding tax) 400,000 Withholding tax on salary 30,000 Director's fee 300,000 Business income 500,000 Rental income (gross of 15,000 expanded withholding tax) 300,000 Business expenses 150,000 Cash dividend from domestic corporation Stock dividend from a domestic corporation Cash dividend from resident foreign corporation Interest from savings deposit 90,000 50,000 70,000 30,000 Royalty income in general 40,000 Prizes from contest won 5,000 PCSO winnings 8,000 13th month pay 50,000 Christmas bonus 22,000 Mid-year bonus 16,000 Compensation on damages from injuries and sickness Proceeds from life insurance coverage of his deceased father Vacation and sick leave pay 100,000 250,000 50,000 Proceeds from his life insurance (70,000 represents his total contribution) 150,000 Unused monetized vacation leave in excess of 10 days allowed de 15,000 minimis benefit Bad debt recovery (From a previous write-off with a net income of 10,000 before write-off) 70,000 Local tax refund 20,000 Prizes received from a charitable activity 15,000 Properties received by gratuitous transfer (income from property, 8,000) 20,000 Determine the taxable net income for the year.