Exam (elaborations)
Test bank For Payroll Administration Ch.1,2,3 (7th Edition by Alan Dryden)
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Test bank For Payroll Administration Ch.1,2,3 (7th Edition by Alan Dryden)
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Test bank For Payroll AdministrationCh.1,2,3 (7th Edition by Alan Dryden)
What's payroll? - ANSThe function of paying employees for work performed for employers.
What are the 3 main stakeholder groups? - ANSInternal, external, and governments (federal
and provincial)
Who are the two most important internal stakeholders? - ANSEmployers & employees
What are external stakeholders? - ANSOrganizations that are neither government or internal
stakeholders, but yet have a close working relationship with the payroll function. (Courts,
unions, benefit carriers, charities, etc.)
What's a contract OF service? - ANSAn arrangement whereby an individual (the employee)
agrees to work for an employer for a specified or indeterminate period of time.
What's a contract FOR service? - ANSA business relationship whereby one party agrees to
perform certain specific work stipulated in the contract for another party (usually considered a
contract worker, a self-employed person, or an independent contractor)
What are the 6 sections of criteria used to determine the type of contract? (Of or for service) -
ANS1. The degree of control exercised by the employer
2. Ownership of the tools required to do the work
3. Subcontracting of work and use of assistants
4. Risk assumed by the individual
5. Responsibility for investment and management
6. The chance of profit and risk of loss
What are the 3 main acts that are important to the payroll function? - ANS1. Income tax act
2. Employment insurance act
3. Canada pension plan act
What are the three stat deductions taken from most paycheques? - ANS1. CPP
2. EI
3. Income tax
What's the name of the federal government agency that looks after the collection and monitoring
of the stat deductions? - ANSCRA (Canada Revenue Agency)
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