Payroll & Benefits-Chapter 1- Introduction to Canadian Payroll Exam questions with correct answers

Payroll & Benefits-Chapter 1- Introduction
to Canadian Payroll Exam questions with
correct answers
What |is |often |the |single |largest |operating |cost |for |a |business? |- |VERIFIED |ANSWER✔✔-Payroll |costs



What |are |the |key |considerations |of |payroll |administration? |- |VERIFIED |ANSWER✔✔--accuracy

-timeliness

-resourcefulness



What |3 |basic |questions |must |be |addressed |before |you |pay? |- |VERIFIED |ANSWER✔✔-1. |Is |the |worker |
an |employee |or |are |they |providing |a |contracted |service?

2. |If |they |are |an |employee, |does |federal |or |provincial |jurisdiction |apply?

3. |Who |are |the |stakeholders |and |what |are |their |needs?



What |is |an |employer |obligated |to |due |in |an |employee/employer |relationship? |- |VERIFIED |
ANSWER✔✔--Withhold |CPP, |EI, |and |income |tax |contributions

-Pay |employer |contributions |and |premiums

-Remit |deductions |and |employer |contributions |to |CRA



What |happens |if |an |employer |fails |to |withhold |and |remit |contributions? |- |VERIFIED |ANSWER✔✔-
Failure |to |withhold |and |remit |can |result |in |penalties



What |3 |steps |are |used |to |evaluate |a |contract |for |work? |- |VERIFIED |ANSWER✔✔-1. |Examine |the |
intent |of |the |parties |on |entering |the |contract

2. |Determine |if |the |employment |meets |the |definitions |of |a |contract |of |employment

3. |Compare |the |intention |of |the |parties |to |the |contract |to |the |actual |working |relationship



What |is |a |Social |Insurance |Number(SIN)? |- |VERIFIED |ANSWER✔✔--personal |account |number |with |the |
government