PAYROLL FUNDAMENTALS 1 MIDTERM COMPREHENSIVE
QUESTIONS AND VERIFIED ANSWERS
Commencement package (Ch.1) - CORRECT ANSWER✅✅✅-Organization specific forms
(personal information forms)
-Government forms (federal and provincial personal tax credits return)
-Benefit forms (insurance enrollment forms)
Hiring form (ch.1) - CORRECT ANSWER✅✅✅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) - CORRECT ANSWER✅✅✅-
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) - CORRECT
ANSWER✅✅✅-Age
-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) - CORRECT
ANSWER✅✅✅-Name
-Date of birth
-Social insurance number
Other credits employees can claim on their Federal and Provincial/Territorial TD1 to lower taxes
(ch.1) - CORRECT ANSWER✅✅✅-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) - CORRECT
ANSWER✅✅✅-No, if only doing basic
-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
ANSWER✅✅✅-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) - CORRECT
ANSWER✅✅✅-Name
-Rate of pay and hours worked at each rate
-Date of pay period
-Gross and net pay
-Itemized deductions
Renumeration (ch.2) - CORRECT ANSWER✅✅✅Employee received compensation or pay
for the services they perform
, -AKA employee income when employer-employee relationship exists
Employee income can be categorized into what? (ch.2) - CORRECT ANSWER✅✅✅-
Earnings
-Allowances
-Benefits
-Taxable expense reimbursements
Earnings can be paid as... (ch.2) - CORRECT ANSWER✅✅✅-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 shift
Earnings are... (ch.2) - CORRECT ANSWER✅✅✅-Pensionable
-Insurable
-Taxable
...therefore subject to all statutory deductions
Define allowances (ch.2) - CORRECT ANSWER✅✅✅The additional dollar amounts paid
to employees for the use, or anticipated use of their personal property for business purposes
What are the common types of allowances? (ch.2) - CORRECT ANSWER✅✅✅-Car
-Meals
-Uniforms
-Safety shoes or other types of clothing
QUESTIONS AND VERIFIED ANSWERS
Commencement package (Ch.1) - CORRECT ANSWER✅✅✅-Organization specific forms
(personal information forms)
-Government forms (federal and provincial personal tax credits return)
-Benefit forms (insurance enrollment forms)
Hiring form (ch.1) - CORRECT ANSWER✅✅✅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) - CORRECT ANSWER✅✅✅-
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) - CORRECT
ANSWER✅✅✅-Age
-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) - CORRECT
ANSWER✅✅✅-Name
-Date of birth
-Social insurance number
Other credits employees can claim on their Federal and Provincial/Territorial TD1 to lower taxes
(ch.1) - CORRECT ANSWER✅✅✅-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) - CORRECT
ANSWER✅✅✅-No, if only doing basic
-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
ANSWER✅✅✅-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) - CORRECT
ANSWER✅✅✅-Name
-Rate of pay and hours worked at each rate
-Date of pay period
-Gross and net pay
-Itemized deductions
Renumeration (ch.2) - CORRECT ANSWER✅✅✅Employee received compensation or pay
for the services they perform
, -AKA employee income when employer-employee relationship exists
Employee income can be categorized into what? (ch.2) - CORRECT ANSWER✅✅✅-
Earnings
-Allowances
-Benefits
-Taxable expense reimbursements
Earnings can be paid as... (ch.2) - CORRECT ANSWER✅✅✅-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 shift
Earnings are... (ch.2) - CORRECT ANSWER✅✅✅-Pensionable
-Insurable
-Taxable
...therefore subject to all statutory deductions
Define allowances (ch.2) - CORRECT ANSWER✅✅✅The additional dollar amounts paid
to employees for the use, or anticipated use of their personal property for business purposes
What are the common types of allowances? (ch.2) - CORRECT ANSWER✅✅✅-Car
-Meals
-Uniforms
-Safety shoes or other types of clothing
