Kris a supervisory employee, received the following income in 2021: Gross compensation income, before contributions to SSS, PhilHealth, and HDMF totaling P124,000- P800,000 Fringe benefits-P200,000 Gain from redemption of shares in a mutual fund-P100,000 Commission income-P150,000 Gain on sale of stocks through the PSE - P400,000 Determine the total income to be reported by kris in gross income. P1,526,000 O P1,426,000 O P1,026,000 P826,000

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.