Payroll Compliance Legislation Course Midterm Exam - Questions with Correct Answers/ Latest Version (2024/2025)/ 100% Pass

Objective of the Payroll Function - Pay employees accurately and on time, in compliance with legislative requirements for a full annual payroll cycle Payroll definition - is the process of paying employees in exchange for the services they perform. 4 Possible Meanings of Payroll - 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 Legislation defintion - refers to laws enacted by a legislative body. In Canada, there are many legislative sources that payroll professionals must comply with at two separate levels - the federal and the provincial/territorial governments Compliance definition - is the observance of official requirements