Like deceze said there's probably not going to be much difference in speed between using math functions in SQL and PHP. If you're really worried, you should always benchmark both of your use cases.
However, one example that comes to my mind, when is probably better to use SQL math functions than doing PHP math functions: when you don't need to perform any additional operations on the results from the DB. If you do your operations in MySQL, you avoid having to loop through results in PHP.
There is an additional consideration to think of and that's scaling. You usually have one MySQL server (if you have more than one, then you probably already know all of this). But you can have many web servers connecting to the same MySQL server (e.g. when having load balancer).
In that case, it's going to be better to move the computation to the PHP to take the load of MySQL. It's "easier" to add more web servers than to increase the performance of MySQL. In theory you can add infinite amount of web servers, but the amount of memory and the processor speed / num. of cores in a MySQL server is finite. You can scale MySQL in some other ways, like using MySQL cluster or doing master-slave replication and reading from slaves, but that will always be more complicated / harder to do.