Payroll Fundamentals 1 Midterm Exam Questions and Answers 100% Pass

Payroll Fundamentals 1 Midterm Exam Questions and Answers 100% Pass Commencement package (Ch.1) - -Organization specific forms (personal information forms) -Government forms (federal and provincial personal tax credits return) -Benefit forms (insurance enrollment forms) Hiring form (ch.1) - May include information on their position such as department, manager, start date, salary/hourly wage, and benefit entitlement Information that must be provided to employees (ch.1) - -Employee name -Date of pay period -Rates of pay and hours of work at each rate -Gross earnings -Itemized deductions -Net pay TD1- WS is used to calculate partial claim amounts for... (ch.1) - -Age 2Katelyn Whitman, All Rights Reserved © 2025 -Canada caregiver amount for eligible dependent or spouse or common-law partner -Canada caregiver amount for dependent(s) age 18 or over Federal TD1, Provincial/territorial TD1, and Quebec TP-1015.3-V require... (ch.1) - - Name -Date of birth -Social insurance number Other credits employees can claim on their Federal and Provincial/Territorial TD1 to lower taxes (ch.1) - -Being a caregiver -Being over 65 -Receiving a pension -Being or supporting a student in post-secondary studies -Being disabled -Supporting a spouce -Living alone (Quebec) -Having children under 18 (Saskatchewan and Yukon) Do you have to claim basic personal provincial/territorial credits? (ch.1) - -No, if only doing basic 3Katelyn Whitman, All Rights Reserved © 2025 -Yes, if claiming children under 18 (Sakatchewan and Yukon) -Yes, always (Quebec) Employers should review TD1 and TP-1015.3-V forms to ensure (ch.2) - -Correct employee name, Date of birth, Address, and SIN -Correct amounts on the form -Amounts claimed are totaled correctly -Form does not contain obvious false statements -The form is signed a dated What certain information must appear on an employee's statement of wages? (ch.2) - -Name -Rate of pay and hours worked at each rate -Date of pay period -Gross and net pay -Itemized deductions Renumeration (ch.2) - Employee received compensation or pay for the services they perform -AKA employee income when employer-employee relationship exists 4Katelyn Whitman, All Rights Reserved © 2025 Employee income can be categorized into what? (ch.2) - -Earnings -Allowances -Benefits -Taxable expense reimbursements Earnings can be paid as... (ch.2) - -Salary -Rate for each hour worked -Rate per piece of goods produced or picked -Disability payment for time off due to illness -Payment for vacation time -Premium payment for overtime -Premium payment for hours worked on a shif