Payroll Fundamentals 1 - Midterm Review
(Ch. 1-4) Questions With Correct Answers
In both the Northwest Territories and Nunavut, the payroll tax is calculated on
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what amount? - CORRECT ANSWER✔✔-The employee's gross remuneration.
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(Ch. 4) |
At the end of the year, Dionne's Alberta-based Organization paid out her
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remaining five days of vacation pay. Which statutory deductions are required? -
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CORRECT ANSWER✔✔-CPP, EI, Federal & Provincial Income Taxes.
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(Ch. 4) |
A retroactive adjustment is required when an increase in wages is - CORRECT
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ANSWER✔✔-processed after the increase has been awarded. | | | | | |
(Ch. 4) |
What amount of a death benefit is exempt from income tax? - CORRECT
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ANSWER✔✔-$10,000
(Ch. 4) |
, A death benefit payment may include any accumulated: - CORRECT ANSWER✔✔-
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Sick leave owing to the employee but not any accumulated vacation leave owing.
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(Ch. 4) |
QPIP premiums are calculated on a Quebec employees: - CORRECT ANSWER✔✔-
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Insurable earnings. |
Remember: QPIP is related to EI. | | | | |
(Ch. 4) |
Are pre-employment bonuses subject to all statutory deductions? - CORRECT
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ANSWER✔✔-Yes, regardless of the reason for the bonus, it is considered income
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from employment. |
(Ch. 4) |
When are director fees considered insurable for EI premiums? - CORRECT
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ANSWER✔✔-Only directors fees paid to a director of a crown corporation listed
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in Schedule 3 of the financial administration act.
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(Ch. 4) |
(Ch. 1-4) Questions With Correct Answers
In both the Northwest Territories and Nunavut, the payroll tax is calculated on
| | | | | | | | | | | | |
what amount? - CORRECT ANSWER✔✔-The employee's gross remuneration.
| | | | | | |
(Ch. 4) |
At the end of the year, Dionne's Alberta-based Organization paid out her
| | | | | | | | | | | |
remaining five days of vacation pay. Which statutory deductions are required? -
| | | | | | | | | | | |
CORRECT ANSWER✔✔-CPP, EI, Federal & Provincial Income Taxes.
| | | | | | |
(Ch. 4) |
A retroactive adjustment is required when an increase in wages is - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-processed after the increase has been awarded. | | | | | |
(Ch. 4) |
What amount of a death benefit is exempt from income tax? - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-$10,000
(Ch. 4) |
, A death benefit payment may include any accumulated: - CORRECT ANSWER✔✔-
| | | | | | | | | |
Sick leave owing to the employee but not any accumulated vacation leave owing.
| | | | | | | | | | | |
(Ch. 4) |
QPIP premiums are calculated on a Quebec employees: - CORRECT ANSWER✔✔-
| | | | | | | | | |
Insurable earnings. |
Remember: QPIP is related to EI. | | | | |
(Ch. 4) |
Are pre-employment bonuses subject to all statutory deductions? - CORRECT
| | | | | | | | | |
ANSWER✔✔-Yes, regardless of the reason for the bonus, it is considered income
| | | | | | | | | | | |
from employment. |
(Ch. 4) |
When are director fees considered insurable for EI premiums? - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Only directors fees paid to a director of a crown corporation listed
| | | | | | | | | | | |
in Schedule 3 of the financial administration act.
| | | | | | |
(Ch. 4) |
