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PAYROLL COMPLIANCE LEGISLATION
COURSE MIDTERM EXAM WITH 100%
VERIFIED QUESTIONS
Objective of the Payroll Function - correct-answer-Pay employees accurately and
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on time, in compliance with legislative requirements for a full annual payroll cycle
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Payroll definition - correct-answer-is the process of paying employees in exchange
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for the services they perform.
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4 Possible Meanings of Payroll - correct-answer-1. The department that
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administers the payroll
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2. The total number of people employed by an organization
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3. The wages and salaries paid out in a year
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4. A list of persons to be paid and the amount due to each
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Canada Pension Plan (CPP) definition & rate - correct-answer-is a social insurance
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program legislated under the federal Canada Pension Plan Act, designed to
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provide protection in the form of benefits to contributors and their families
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against loss of income due to retirement, disability, and death
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Employer must match employee's amounts
| | | |
Employment Insurance (EI) program ..... & rate - correct-answer-is associated with
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the collection of employee and employer premiums
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Ø The employer's portion is 1.4 times the employee's portion unless the employer
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qualifies for a lower rate under the EI premium reduction program.
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If an organization fails to deduct and remit the amounts withheld from employees
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|for CPP contributions, EI premiums and income tax... - correct-answer-it may be
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left in the position of paying both the employee's and employer's portion and will
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|be subject to penalties and interest charges on the outstanding amount.
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Employment and Social Development Canada (ESDC) - correct-answer-A
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department of the Government of Canada committed to building a stronger and
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more competitive Canada by supporting Canadians in making choices that help
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them live productive and rewarding lives and to improve their quality of life
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3 purposes of ESDC - correct-answer-- develops policies that make Canada a
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society in which Canadians can use their talents, skills and resources to thrive in
| | | | | | | | | | | | | |
the competitive market and contribute to their well-being
| | | | | | | |
- creates programs and support initiatives that help Canadians invest in
| | | | | | | | |
themselves to move through life's transitions—from families with children to
| | | | | | | | |
|seniors, from school to work, from one job to another, from unemployment to
| | | | | | | | | | | |
|employment, from the workforce to retirement | | | | |
- creates better outcomes for Canadians through service excellence with Service
| | | | | | | | |
|Canada and other partners | | |
ESDC programs (6) - correct-answer-· Canada Pension Plan and Old Age Security
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· Employment Insurance |
· Employment Programs |
· Youth Employment Strategies
| |
· Canada Education Savings Program | | |
· Canada Student Loans and Grants | | | |
EI may also provide: (4) - correct-answer-- sick benefits
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- maternity and/or paternity benefits | | |
- critically ill or injured person benefits
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- compassionate care benefits | |
|e
PAYROLL COMPLIANCE LEGISLATION
COURSE MIDTERM EXAM WITH 100%
VERIFIED QUESTIONS
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
| | | | | | | | | | | |
,2 || |P |a |g
|e
Canada Pension Plan (CPP) definition & rate - correct-answer-is a social insurance
| | | | | | | | | | |
program legislated under the federal Canada Pension Plan Act, designed to
| | | | | | | | | | |
provide protection in the form of benefits to contributors and their families
| | | | | | | | | | |
against loss of income due to retirement, disability, and death
| | | | | | | | | |
Employer must match employee's amounts
| | | |
Employment Insurance (EI) program ..... & rate - correct-answer-is associated with
| | | | | | | |
the collection of employee and employer premiums
| | | | | |
Ø The employer's portion is 1.4 times the employee's portion unless the employer
| | | | | | | | | | | |
qualifies for a lower rate under the EI premium reduction program.
| | | | | | | | | | |
If an organization fails to deduct and remit the amounts withheld from employees
| | | | | | | | | | | |
|for CPP contributions, EI premiums and income tax... - correct-answer-it may be
| | | | | | | | | | |
left in the position of paying both the employee's and employer's portion and will
| | | | | | | | | | | | |
|be subject to penalties and interest charges on the outstanding amount.
| | | | | | | | | |
Employment and Social Development Canada (ESDC) - correct-answer-A
| | | | | | |
department of the Government of Canada committed to building a stronger and
| | | | | | | | | | |
more competitive Canada by supporting Canadians in making choices that help
| | | | | | | | | | |
them live productive and rewarding lives and to improve their quality of life
| | | | | | | | | | | | |
, 3 || |P |a |g
|e
3 purposes of ESDC - correct-answer-- develops policies that make Canada a
| | | | | | | | | | |
society in which Canadians can use their talents, skills and resources to thrive in
| | | | | | | | | | | | | |
the competitive market and contribute to their well-being
| | | | | | | |
- creates programs and support initiatives that help Canadians invest in
| | | | | | | | |
themselves to move through life's transitions—from families with children to
| | | | | | | | |
|seniors, from school to work, from one job to another, from unemployment to
| | | | | | | | | | | |
|employment, from the workforce to retirement | | | | |
- creates better outcomes for Canadians through service excellence with Service
| | | | | | | | |
|Canada and other partners | | |
ESDC programs (6) - correct-answer-· Canada Pension Plan and Old Age Security
| | | | | | | | | | |
· Employment Insurance |
· Employment Programs |
· Youth Employment Strategies
| |
· Canada Education Savings Program | | |
· Canada Student Loans and Grants | | | |
EI may also provide: (4) - correct-answer-- sick benefits
| | | | | | | |
- maternity and/or paternity benefits | | |
- critically ill or injured person benefits
| | | | |
- compassionate care benefits | |
