1. **Stating the problem:** Calculate the income tax payable for a professional with an annual gross income of P2,800,000, allowable deductions of P2,500,000, and a withholding tax of P120,000. The taxpayer availed the 8% income tax option for the first quarter. 2. **Formula and rules:** The 8% income tax option means the tax is computed as 8% of the gross income without further deductions. 3. **Calculate the income tax:** $$\text{Income Tax} = 8\% \times \text{Gross Income} = 0.08 \times 2,800,000 = 224,000$$ 4. **Subtract the withholding tax:** $$\text{Tax Payable} = \text{Income Tax} - \text{Withholding Tax} = 224,000 - 120,000 = 104,000$$ 5. **Conclusion:** The income tax payable after considering the withholding tax is P104,000.