PF2 – MIDTERM EXAM ACTUAL QUESTIONS AND CORRECT ANSWERS/LATEST UPDATE GRADED A+
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Course
BUSI 1049
Institution
BUSI 1049
PF2 – MIDTERM EXAM ACTUAL QUESTIONS AND CORRECT ANSWERS/LATEST UPDATE GRADED A+
1. Mountain Bikes has a weekly payroll and is a regular remitter. What date will the source deductions for the February 1st payroll be due to the Canada Revenue Agency?
A. February 10th
B. February 15th
C. F...
PF2 – MIDTERM EXAM ACTUAL QUESTIONS AND CORRECT ANSWERS/LATEST UPDATE
GRADED A+
1. Mountain Bikes has a weekly payroll and is a regular remitter. What date will the source deductions for the
February 1st payroll be due to the Canada Revenue Agency?
A. February 10th
B. February 15th
C. February 25th
D. March 15th
2. Anjani works in Manitoba and her 2019 payroll totals are regular earnings of $55,000.00, regular
commission payments of $12,000.00, employer-provided automobile taxable benefit of $4,294.00 and
employer-paid medical and dental benefits of $5,212.00.What amount would be reported using Code 40 in
the Other Information area of Anjani's T4 slip?
A. $4,294.00
B. $5,212.00
C. $9,506.00
D. No amount reported
3. Sharon contributes 5% of her annual earnings of $40,000.00 to her defined contribution pension plan. Her
employer matches her contributions. Calculate Sharon's pension adjustment.
PA = EE + ER + Volu + ForF
PA = (40000x5%)+(40000x5%) = 4,000.00
4. Freehold Foods, an Alberta organization, is preparing its year-end information slips. Carrie had worked for
the company in their Calgary office from July 1982 until her employment was terminated last year. When
her employment was terminated, she was fully vested in the company’s defined contribution registered
pension plan, which she joined in July 1984. Upon termination of employment, Carrie received a retiring
allowance of $54,000.00. Carrie had her employer transfer the entire eligible amount to a RRSP and took
the non-eligible amount in cash. Calculate the eligible and non-eligible portions of Carrie’s retiring
allowance as well as the income tax withheld on the amount received in cash. Include these amounts
when completing Carrie’s T4 slip. The $23,560.00 income tax shown on the year-end payroll register
does not include the tax amount withheld on the retiring allowance. Complete Carrie’s T4 slip using the
information from the year-end payroll register below.
Note: The boxes in the Other Information area of the T4 must be completed in numerical order.
Item Amount
$58,900.0
Regular earnings 0
Vacation pay $5,028.00
Bonus pay $3,500.00
Overtime pay $810.34
Taxable clothing allowance $675.00
$15,150.0
Wages in lieu of notice 0
$54,000.0
Retiring allowance 0
, CPP contributions $2,748.90
EI premiums $860.22
$23,560.0
Income tax 0
$57,400.0
CPP pensionable earnings 0
$53,100.0
EI insurable earnings 0
Union dues $480.00
Charitable donations $275.00
Employee contributions to the Registered Pension
Plan $3,250.00
Employer contributions to the Registered Pension
Plan $2,925.00
Registered Pension Plan number 1234567
Loan interest non-cash taxable benefit $1,939.85
Automobile non-cash taxable benefit $1,736.49
Group term life insurance non-cash taxable benefit $1,175.00
Accidental death and dismemberment non-cash taxable
benefit $31.25
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