For the year of assessment 2022, Cars Limited income chargeable to tax was $10 million....
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Accounting
For the year of assessment 2022, Cars Limited income chargeable to tax was $10 million. Throughout the year the company promptly paid its employees deductions together with its own counterpart contributions before the 15th of the following month. At year end December; the company records show that total payroll for the year was $4 million for 5 employees. All employees earn less than 5 million per annum.
Calculate the Employment Tax Credit and the total tax payable for the year 2022.
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