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 15^th 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 1.5 million per annum.

Calculate the Employment Tax Credit and the total tax payable for the year 2022.