AJ, a rank-and-file employee received the following compensation and benefits received during 2021: Basic compensation income 540,000; 13th month pay 45,000; Mid-year bonus 22,500; Christmas gift 10,000; Uniform allowance 7,500; Actual medical allowance 15,000; Medical allowance to dependents 2,000; Rice subsidy 18,000; Monetized vacation leave for 12 days (2,000/day) 24,000. Determine the employee's taxable net income.

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