Payroll Compliance Legislation Course Midterm Exam

Payroll Compliance Legislation Course Midterm Exam Objective of the Payroll Function - Correct Answer Pay employees accurately and on time, in compliance with legislative requirements for a full annual payroll cycle Payroll definition - Correct Answer is the process of paying employees in exchange for the services they perform. 4 Possible Meanings of Payroll - Correct Answer 1. The department that administers the payroll 2. The total number of people employed by an organization 3. The wages and salaries paid out in a year 4. A list of persons to be paid and the amount due to each Legislation defintion - Correct Answer refers to laws enacted by a legislative body. In Canada, there are many legislative sources that payroll professionals must comply with at two separate levels - the federal and the provincial/territorial governments Compliance definition - Correct Answer is the observance of official requirements