For the year of assessment 2020, ABC Limited income chargeable to tax was $7,413,400. Throughout the year,

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For the year of assessment 2020, ABC Limited income chargeable to tax was $7,413,400.

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’s records show that total payroll for the year was $2,840,000 for 5 employees.

Each employee earns below $1.5 million per annum.

Calculate the Employment Tax Credit and the total tax payable for the year 2020.

Posted Date: Oct 29, 2021 01:32 AM

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For the year of assessment 2020, ABC Limited income chargeable to tax was $7,413,400. Throughout the year,

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Income Calculation Calculate the employment Tax credit and the total tax payable for the year ... View the full answer

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