Question 1

The employer must match the employee's Income Tax deductions.

Accepted Answer

A) True 
 B)False

Question 2

The Employee Benefits Expense entry is recorded at the time the payroll is recorded.

Accepted Answer

A) True 
 B)False

Question 3

The Soup Company had made the following entry to record the payroll:
             Salaries Expense       20,000.00               CPP Payable       376.00               EI Payable       376.00               Income Tax Payable       24180.00               Wages & Salaries Payable       14,674.00      
Produce the entry to record the employer's contributions

Accepted Answer

Employee Benefits Ex

Question 4

The payroll register for Marty's Marlin Boat reads as follows:
$$\begin{array} { l c c c c c c r } 
\text { Name } & \text { Gross Pay } & \text { CPP } & \text { EI } & \text { FIT } & \text { Union } & \text { Medical } & \text { Net Pay } \
\text { John } & 300 & 11.52 & 5.64 & 11.86 & 10.00 & 15.00 & 245.98 \
\text { Marty } & 250 & 9.04 & 4.70 & 0.00 & 10.00 & 15.00 & 211.26 \
& 550 & 20.56 & 10.34 & 11.86 & 20.00 & 30.00 & 457.24
\end{array}$$
The company matches the employee's medical plan contributions on a one-to-one basis.
Required:
The general journal entry to record the employer's portions.

Accepted Answer

Employee Benefits Ex

Question 5

Personal Income Tax rates

Accepted Answer

A)  vary from province to province. 
B)  are the same in every province. 
C)  vary according to the employee's cash on hand. 
D)  are set by the Municipal Government annually. 
A)  vary from province to province. 
B)  are the same in every province. 
C)  vary according to the employee's cash on hand. 
D)  are set by the Municipal Government annually.

Question 6

What is the threshold at which employers would be required to send in their remittance more often than monthly?

Accepted Answer

A)  $10,000 
B)  $12,000 
C)  $15,000 
D)  $1,000 
A)  $10,000 
B)  $12,000 
C)  $15,000 
D)  $1,000

Question 7

Why should employers make every effort to submit the necessary deductions to CRA on or before the appropriate deadline?

Accepted Answer

First, because it is the law of the land

Question 8

If the employees have had $200 in CPP contributions and $300 in EI contributions deducted from their paycheques, then the Employer's Benefits Expense would be

Accepted Answer

A)  $500. 
B)  $580. 
C)  $620. 
D)  $700. 
A)  $500. 
B)  $580. 
C)  $620. 
D)  $700.

Question 9

The premium for worker's compensation insurance is based on the total estimated gross payroll.

Accepted Answer

A) True 
 B)False

Question 10

The employer must contribute 1.4 times the employee's Income Tax contributions.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is a payroll tax paid by both employee and employer?

Accepted Answer

A)  CPP & EI 
B)  EI only 
C)  CPP only 
D)  Income Tax 
A)  CPP & EI 
B)  EI only 
C)  CPP only 
D)  Income Tax

Question 12

In completing the annual T4 Summary, which of the following is NOT true?

Accepted Answer

A)  The total of all T4's CPP, EI and tax deductions must agree with the totals on the T4 Summary. 
B)  The T4 Summary must be filed each year by February 28. 
C)  The T4 Summary must contain your Canada Revenue Agency Account Number. 
D)  The T4 must be sent out by December 31. 
A)  The total of all T4's CPP, EI and tax deductions must agree with the totals on the T4 Summary. 
B)  The T4 Summary must be filed each year by February 28. 
C)  The T4 Summary must contain your Canada Revenue Agency Account Number. 
D)  The T4 must be sent out by December 31.

Question 13

The employer pays EI premiums in what ratio to employee EI deductions?

Accepted Answer

A)  1.4 times employee EI deductions 
B)  4 times employee EI deductions 
C)  2 times employee EI deductions 
D)  Does not contribute 
A)  1.4 times employee EI deductions 
B)  4 times employee EI deductions 
C)  2 times employee EI deductions 
D)  Does not contribute

Question 14

Employment Insurance premiums are paid by

Accepted Answer

A)  the employer. 
B)  the employee. 
C)  both the employer and employee. 
D)  the Provincial Government. 
A)  the employer. 
B)  the employee. 
C)  both the employer and employee. 
D)  the Provincial Government.

Question 15

Employers should use a T4 Summary form to remit monthly employee deductions to the Canada Revenue Agency.

Accepted Answer

A) True 
 B)False

Question 16

A Form PD7A is used to remit EI, CPP and Income Taxes.

Accepted Answer

A) True 
 B)False

Question 17

The account credited for all payroll deductions is Employee Benefits Expense.

Accepted Answer

A) True 
 B)False

Question 18

The employees collectively earn a gross wage of $98,000 for the pay period, but the employer says that they cost $123,300. Discuss the discrepancy.

Accepted Answer

The employees only consider their gross

Question 19

The employer records deductions from the employee's paycheque

Accepted Answer

A)  as debits to expense accounts. 
B)  as credits to liability accounts until paid. 
C)  as debits to asset accounts until paid. 
D)  as credits to capital accounts. 
A)  as debits to expense accounts. 
B)  as credits to liability accounts until paid. 
C)  as debits to asset accounts until paid. 
D)  as credits to capital accounts.

Question 20

If the employees had $200 CPP, $300 EI and $400 Income Tax deducted from their paycheques, the employer would remit

Accepted Answer

A)  $900. 
B)  $1,120. 
C)  $1,520. 
D)  $1,920. 
A)  $900. 
B)  $1,120. 
C)  $1,520. 
D)  $1,920.

The employer must match the employee's Income Tax deductions.

The Employee Benefits Expense entry is recorded at the time the payroll is recorded.

The Soup Company had made the following entry to record the payroll:

Salaries Expense 20,000.00

CPP Payable 376.00

EI Payable 376.00

Income Tax Payable 24180.00

Wages & Salaries Payable 14,674.00

Produce the entry to record the employer's contributions

Personal Income Tax rates

What is the threshold at which employers would be required to send in their remittance more often than monthly?

Why should employers make every effort to submit the necessary deductions to CRA on or before the appropriate deadline?

If the employees have had $200 in CPP contributions and $300 in EI contributions deducted from their paycheques, then the Employer's Benefits Expense would be

The premium for worker's compensation insurance is based on the total estimated gross payroll.

The employer must contribute 1.4 times the employee's Income Tax contributions.

Which of the following is a payroll tax paid by both employee and employer?

In completing the annual T4 Summary, which of the following is NOT true?

The employer pays EI premiums in what ratio to employee EI deductions?

Employment Insurance premiums are paid by

Employers should use a T4 Summary form to remit monthly employee deductions to the Canada Revenue Agency.

A Form PD7A is used to remit EI, CPP and Income Taxes.

The account credited for all payroll deductions is Employee Benefits Expense.

The employees collectively earn a gross wage of $98,000 for the pay period, but the employer says that they cost $123,300. Discuss the discrepancy.

The employer records deductions from the employee's paycheque

If the employees had $200 CPP, $300 EI and $400 Income Tax deducted from their paycheques, the employer would remit

Accounting Concepts and Procedures: an Introduction

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle: Journalizing, Posting, and the Trial Balance

The Accounting Cycle Continued: Preparing Worksheets and Financial Statements

The Accounting Cycle Completed: Closing and Post-Closing Trial Balance

Special Journals and Subsidiary Ledgers: the Basics: Sales and Cash

Special Journals and Subsidiary Ledgers: the Basics: Purchases and Cash Payments Journals

Banking Procedures and Control of Cash

Payroll Procedures: the Employees Perspective

Special Journals With Taxes

Preparing a Worksheet for a Merchandising Company

Completion of the Accounting Cycle for a Merchandising Company

Filters

Salaries Expense	20,000.00
CPP Payable	376.00
EI Payable	376.00
Income Tax Payable	24180.00
Wages & Salaries Payable	14,674.00

Exam 10: The Employers Tax Responsibilities: Principles and Procedures

The employer must match the employee's Income Tax deductions.

The Employee Benefits Expense entry is recorded at the time the payroll is recorded.

The Soup Company had made the following entry to record the payroll: Salaries Expense 20,000.00 CPP Payable 376.00 EI Payable 376.00 Income Tax Payable 24180.00 Wages & Salaries Payable 14,674.00 Produce the entry to record the employer's contributions

Personal Income Tax rates

What is the threshold at which employers would be required to send in their remittance more often than monthly?

Why should employers make every effort to submit the necessary deductions to CRA on or before the appropriate deadline?

If the employees have had $200 in CPP contributions and $300 in EI contributions deducted from their paycheques, then the Employer's Benefits Expense would be

The premium for worker's compensation insurance is based on the total estimated gross payroll.

The employer must contribute 1.4 times the employee's Income Tax contributions.

Which of the following is a payroll tax paid by both employee and employer?

In completing the annual T4 Summary, which of the following is NOT true?

The employer pays EI premiums in what ratio to employee EI deductions?

Employment Insurance premiums are paid by

Employers should use a T4 Summary form to remit monthly employee deductions to the Canada Revenue Agency.

A Form PD7A is used to remit EI, CPP and Income Taxes.

The account credited for all payroll deductions is Employee Benefits Expense.

The employees collectively earn a gross wage of $98,000 for the pay period, but the employer says that they cost $123,300. Discuss the discrepancy.

The employer records deductions from the employee's paycheque

If the employees had $200 CPP, $300 EI and $400 Income Tax deducted from their paycheques, the employer would remit

Accounting Concepts and Procedures: an Introduction

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle: Journalizing, Posting, and the Trial Balance

The Accounting Cycle Continued: Preparing Worksheets and Financial Statements

The Accounting Cycle Completed: Closing and Post-Closing Trial Balance

Special Journals and Subsidiary Ledgers: the Basics: Sales and Cash

Special Journals and Subsidiary Ledgers: the Basics: Purchases and Cash Payments Journals

Banking Procedures and Control of Cash

Payroll Procedures: the Employees Perspective

Special Journals With Taxes

Preparing a Worksheet for a Merchandising Company

Completion of the Accounting Cycle for a Merchandising Company

Filters

The Soup Company had made the following entry to record the payroll:

Salaries Expense 20,000.00

CPP Payable 376.00

EI Payable 376.00

Income Tax Payable 24180.00

Wages & Salaries Payable 14,674.00

Produce the entry to record the employer's contributions