Payroll Fundamentals 1 Midterm ACTUAL EXAM 2025 TEST
COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS
(DETAILED & ELABORATED) 100% SOLVED 2025!!
Overtime pay equation (ch.2) - ANSWER-[(hourly rate X 1.5) X
(hours worked-
legislated overtime
threshold)]
What is the order of calculating statutory deduction (ch.2) -
ANSWER--C/QPP
-
EI
-QPIP (Quebec
only)
-Federal and provincial
taxes
-Northwest territories/Nunavut
payroll taxes
What are the CPP and QPP rates? (ch.2) - ANSWER--
CPP 4.95%
,-QPP
5.40%
Manual CPP equation (ch.2) - ANSWER-(Salary - Pay period
exemption) X
CPP
rate
Or look it up in the little book
C/QPP is calculated on what? (ch.2) - ANSWER-Gross
pensionable/taxable
income
-
earnings
-taxable
allowances
-cash taxable
benefits
-non-cash taxable
benefits
EI is calculated on what? (ch.2) - ANSWER-Gross
insurable income
,-
earnings
-taxable
allowances
-cash taxable
benefits
Federal and provincial taxes are calculated on what? (ch.2) -
ANSWER-Net taxable income -earnings
-taxable allowances
-taxable benefits
-LESS any deductions allowed
Gross earnings equation (ch.2) - ANSWER-Earnings + Taxable
allowances +
Non-taxable allowances + Cash
taxable benefits
Commencement package (Ch.1) - 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) - 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) -
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) -
ANSWER--Age
-Canada caregiver amount for eligible dependent or spouse
or common-law
partner
-Canada caregiver amount for dependent(s) age
18 or over
COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS
(DETAILED & ELABORATED) 100% SOLVED 2025!!
Overtime pay equation (ch.2) - ANSWER-[(hourly rate X 1.5) X
(hours worked-
legislated overtime
threshold)]
What is the order of calculating statutory deduction (ch.2) -
ANSWER--C/QPP
-
EI
-QPIP (Quebec
only)
-Federal and provincial
taxes
-Northwest territories/Nunavut
payroll taxes
What are the CPP and QPP rates? (ch.2) - ANSWER--
CPP 4.95%
,-QPP
5.40%
Manual CPP equation (ch.2) - ANSWER-(Salary - Pay period
exemption) X
CPP
rate
Or look it up in the little book
C/QPP is calculated on what? (ch.2) - ANSWER-Gross
pensionable/taxable
income
-
earnings
-taxable
allowances
-cash taxable
benefits
-non-cash taxable
benefits
EI is calculated on what? (ch.2) - ANSWER-Gross
insurable income
,-
earnings
-taxable
allowances
-cash taxable
benefits
Federal and provincial taxes are calculated on what? (ch.2) -
ANSWER-Net taxable income -earnings
-taxable allowances
-taxable benefits
-LESS any deductions allowed
Gross earnings equation (ch.2) - ANSWER-Earnings + Taxable
allowances +
Non-taxable allowances + Cash
taxable benefits
Commencement package (Ch.1) - 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) - 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) -
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) -
ANSWER--Age
-Canada caregiver amount for eligible dependent or spouse
or common-law
partner
-Canada caregiver amount for dependent(s) age
18 or over
