Payroll Fundamentals 1 Midterm
* Taxable benefits are... (ch.Three) - ANS--Determined if taxable to the worker by the CRA or
RQ
-IF enterprise pays cost of gain to a third birthday party the cost is protected inside the worker's
earnings as NON-CASH TAXABLE BENEFIT
-IF the business enterprise reimburses personnel for money they paid for the gain the
reimbursement is included inside the employees income as a CASH TAXABLE BENEFIT -
Added to worker's income and are a part of their take domestic pay
Allowances are... (ch.2) - ANS--Not considered profits (beneath sure situations)
...Consequently no longer situation to statutory withholdings
Automobile availability equation (ch.Three) - ANS-# of calendar days available to worker
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30
Automobile taxable advantage equation (ch.Three) - ANS-Standby price + running fee benefit -
employee compensation
Benefits are... (ch.2) - ANS--Not included in profits (beneath positive instances)
...Consequently now not difficulty to statutory dedcuctions
Bonus or incentive pay (ch.Four) - ANS-A non-everyday payment made to an employee, over
and above ordinary wages
Bonus pay may be for all of the following motives (ch.4) - ANS--Work associated
-Tied to production or work overall performance
-Discretionary
-Recognition of a process properly accomplished
-Meeting certain desires or closing dates
-Being a part of an business enterprise's earnings sharing plan
-Signing a pre-employment bonus
-Retention bonus
C/QPP is calculated on what? (ch.2) - ANS-Gross pensionable/taxable earnings
-income
-taxable allowances
-cash taxable advantages
-non-cash taxable advantages
Canada gift and award suggestions (ch.3) - ANS--No restrict
-Single $500 exemption to general of all gift and awards
-Long service awards do no longer affect the single $500 exemption
-Near coins gifts and awards are treated the identical a non-cash taxable blessings
-Gifts and awards in coins aren't concern to GST/QST/HST
-Material gifts and awards are challenge to GST/QST/HST
, Car allowances can be supplied as a... (ch.Three) - ANS--Flat quantity
-Fixed amount in keeping with business km
-Credit card or repayment for gas purchases
Clothing allowance can be furnished as.. (ch.Three) - ANS--An quantity based on receipts
submitted
-A flat dollar amount
Clothing allowances are taxable if... (ch.3) - ANS--The garb is neither a distincitve uniform nor
required for safety reasons
-They are problem to statutory deductions; with out a extra GST/HST/QST additives
Commencement bundle (Ch.1) - ANS--Organization precise bureaucracy (private statistics
paperwork)
-Government forms (federal and provincial non-public tax credit return)
-Benefit forms (insurance enrollment paperwork)
Counseling offerings outdoor of an assistance plan, that aren't taxable are... (ch.Three) -
ANS--Physical or intellectual counseling
-Re-employment (activity placement counseling)
-Retirement counseling
CRA hints for mobile phone use not being a Taxable benefit (ch.3) - ANS--Plan's value is
affordable
-Basic plan with constant cost
-No costs over the constant cost of the primary quantity
Daily and hourly earnings equations (ch.2) - ANS-Hourly rate X Pay length ordinary hours
labored
Daily fee X Pay length days worked
Daily charge equation (ch.2) - ANS-Salary in step with pay duration
---------------------------
Pay period working days
Annual revenue
-----------------------
Annual running days
Define allowances (ch.2) - ANS-The additional dollar amounts paid to personnel for the use, or
predicted use of their private property for business purposes
Define blessings (ch.2) - ANS-Dollar values attributed to some thing the employer has either
provided to an employee or paid for on behalf of the worker
Define automobile allowance (ch.3) - ANS--An quantity paid or reimbursed to an worker who
uses their private vehicle for commercial enterprise
-Taxability is based totally on whether or not the allowance is taken into consideration
reasonable or unreasonable with the aid of the federal and Quebec government
Define coins advantage (ch.3) - ANS-When an organization reimburses an worker for an object
this is taken into consideration a advantage
* Taxable benefits are... (ch.Three) - ANS--Determined if taxable to the worker by the CRA or
RQ
-IF enterprise pays cost of gain to a third birthday party the cost is protected inside the worker's
earnings as NON-CASH TAXABLE BENEFIT
-IF the business enterprise reimburses personnel for money they paid for the gain the
reimbursement is included inside the employees income as a CASH TAXABLE BENEFIT -
Added to worker's income and are a part of their take domestic pay
Allowances are... (ch.2) - ANS--Not considered profits (beneath sure situations)
...Consequently no longer situation to statutory withholdings
Automobile availability equation (ch.Three) - ANS-# of calendar days available to worker
---------------------------------------------
30
Automobile taxable advantage equation (ch.Three) - ANS-Standby price + running fee benefit -
employee compensation
Benefits are... (ch.2) - ANS--Not included in profits (beneath positive instances)
...Consequently now not difficulty to statutory dedcuctions
Bonus or incentive pay (ch.Four) - ANS-A non-everyday payment made to an employee, over
and above ordinary wages
Bonus pay may be for all of the following motives (ch.4) - ANS--Work associated
-Tied to production or work overall performance
-Discretionary
-Recognition of a process properly accomplished
-Meeting certain desires or closing dates
-Being a part of an business enterprise's earnings sharing plan
-Signing a pre-employment bonus
-Retention bonus
C/QPP is calculated on what? (ch.2) - ANS-Gross pensionable/taxable earnings
-income
-taxable allowances
-cash taxable advantages
-non-cash taxable advantages
Canada gift and award suggestions (ch.3) - ANS--No restrict
-Single $500 exemption to general of all gift and awards
-Long service awards do no longer affect the single $500 exemption
-Near coins gifts and awards are treated the identical a non-cash taxable blessings
-Gifts and awards in coins aren't concern to GST/QST/HST
-Material gifts and awards are challenge to GST/QST/HST
, Car allowances can be supplied as a... (ch.Three) - ANS--Flat quantity
-Fixed amount in keeping with business km
-Credit card or repayment for gas purchases
Clothing allowance can be furnished as.. (ch.Three) - ANS--An quantity based on receipts
submitted
-A flat dollar amount
Clothing allowances are taxable if... (ch.3) - ANS--The garb is neither a distincitve uniform nor
required for safety reasons
-They are problem to statutory deductions; with out a extra GST/HST/QST additives
Commencement bundle (Ch.1) - ANS--Organization precise bureaucracy (private statistics
paperwork)
-Government forms (federal and provincial non-public tax credit return)
-Benefit forms (insurance enrollment paperwork)
Counseling offerings outdoor of an assistance plan, that aren't taxable are... (ch.Three) -
ANS--Physical or intellectual counseling
-Re-employment (activity placement counseling)
-Retirement counseling
CRA hints for mobile phone use not being a Taxable benefit (ch.3) - ANS--Plan's value is
affordable
-Basic plan with constant cost
-No costs over the constant cost of the primary quantity
Daily and hourly earnings equations (ch.2) - ANS-Hourly rate X Pay length ordinary hours
labored
Daily fee X Pay length days worked
Daily charge equation (ch.2) - ANS-Salary in step with pay duration
---------------------------
Pay period working days
Annual revenue
-----------------------
Annual running days
Define allowances (ch.2) - ANS-The additional dollar amounts paid to personnel for the use, or
predicted use of their private property for business purposes
Define blessings (ch.2) - ANS-Dollar values attributed to some thing the employer has either
provided to an employee or paid for on behalf of the worker
Define automobile allowance (ch.3) - ANS--An quantity paid or reimbursed to an worker who
uses their private vehicle for commercial enterprise
-Taxability is based totally on whether or not the allowance is taken into consideration
reasonable or unreasonable with the aid of the federal and Quebec government
Define coins advantage (ch.3) - ANS-When an organization reimburses an worker for an object
this is taken into consideration a advantage
