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PAYROLL FUNDAMENTALS 1 MIDTERM QUESTIONS WITH CORRECT ANSWERS.
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PAYROLL FUNDAMENTALS 1 MIDTERM QUESTIONS WITH CORRECT ANSWERS.
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PAYROLL FUNDAMENTALS 1 MIDTERMQUESTIONS WITH CORRECT ANSWERS
Commencement kpackage k(Ch.1) k- k✔✔-Organization kspecific kforms k(personal
kinformation kforms)
-Government kforms k(federal kand kprovincial kpersonal ktax kcredits kreturn) k
-Benefit kforms k(insurance kenrollment kforms)
Hiring kform k(ch.1) k- k✔✔May kinclude kinformation kon ktheir kposition ksuch kas
kdepartment, kmanager, kstart kdate, ksalary/hourly kwage, kand kbenefit kentitlement
Information kthat kmust kbe kprovided kto kemployees k(ch.1) k- k✔✔-Employee kname
-Date kof kpay kperiod
-Rates kof kpay kand khours kof kwork kat keach krate
-Gross kearnings
-Itemized kdeductions
-Net kpay
TD1- kWS kis kused kto kcalculate kpartial kclaim kamounts kfor... k(ch.1) k- k✔✔-Age
-Canada kcaregiver kamount kfor keligible kdependent kor kspouse kor kcommon-law
kpartner
-Canada kcaregiver kamount kfor kdependent(s) kage k18 kor kover
Federal kTD1, kProvincial/territorial kTD1, kand kQuebec kTP-1015.3-V krequire... k(ch.1) k-
k✔✔-Name
-Date kof kbirth
-Social kinsurance knumber
Other kcredits kemployees kcan kclaim kon ktheir kFederal kand kProvincial/Territorial kTD1
kto klower ktaxes k(ch.1) k- k✔✔-Being ka kcaregiver
-Being kover k65
-Receiving ka kpension k
-Being kor ksupporting ka kstudent kin kpost-secondary kstudies
-Being kdisabled
-Supporting ka kspouce
-Living kalone k(Quebec)
-Having kchildren kunder k18 k(Saskatchewan kand kYukon)
, Do kyou khave kto kclaim kbasic kpersonal kprovincial/territorial kcredits? k(ch.1) k- k✔✔-No,
kif konly kdoing kbasic
-Yes, kif kclaiming kchildren kunder k18 k(Sakatchewan kand kYukon)
-Yes, kalways k(Quebec)
Employers kshould kreview kTD1 kand kTP-1015.3-V kforms kto kensure k(ch.2) k- k✔✔-
Correct kemployee kname, kDate kof kbirth, kAddress, kand kSIN
-Correct kamounts kon kthe kform
-Amounts kclaimed kare ktotaled kcorrectly
-Form kdoes knot kcontain kobvious kfalse kstatements
-The kform kis ksigned ka kdated
What kcertain kinformation kmust kappear kon kan kemployee's kstatement kof kwages?
k(ch.2) k- k✔✔-Name
-Rate kof kpay kand khours kworked kat keach krate
-Date kof kpay kperiod
-Gross kand knet kpay
-Itemized kdeductions
Renumeration k(ch.2) k- k✔✔Employee kreceived kcompensation kor kpay kfor kthe
kservices kthey kperform k
-AKA kemployee kincome kwhen kemployer-employee krelationship kexists
Employee kincome kcan kbe kcategorized kinto kwhat? k(ch.2) k- k✔✔-Earnings
-Allowances
-Benefits k
-Taxable kexpense kreimbursements
Earnings kcan kbe kpaid kas... k(ch.2) k- k✔✔-Salary
-Rate kfor keach khour kworked
-Rate kper kpiece kof kgoods kproduced kor kpicked
-Disability kpayment kfor ktime koff kdue kto killness
-Payment kfor kvacation ktime
-Premium kpayment kfor kovertime
-Premium kpayment kfor khours kworked kon ka kshift
Earnings kare... k(ch.2) k- k✔✔-Pensionable k
-Insurable
-Taxable
...therefore ksubject kto kall kstatutory kdeductions
Define kallowances k(ch.2) k- k✔✔The kadditional kdollar kamounts kpaid kto kemployees
kfor kthe kuse, kor kanticipated kuse kof ktheir kpersonal kproperty kfor kbusiness kpurposes
What kare kthe kcommon ktypes kof kallowances? k(ch.2) k- k✔✔-Car
-Meals
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