Exam 10: The Employers Tax Responsibilities: Principles and Procedures

A T4 Summary must be issued to every employee each year.

Different remittance rules apply to employers based on the amount collected and owed by that employer.

Employers must send employees their T4 by

Payroll Tax Expense or Employee Benefits Expense are possible account titles employers use for the employer's payroll taxes (EI and CPP).

CPP Payable normally has a credit balance.

The debit amount to Payroll Tax Expense represents

If Geharty Company had deducted $2,000 Income tax, $200 CPP, and $120 EI from the employee's cheques, then the Employee Benefits Expense would be

Why are the employee deductions recorded as payables on the employer's books?

The forms T4 and T4-T4A Summary must be submitted to the employees and Federal Government respectively by

Workers' Compensation Insurance

The employer's EI contribution is based on the employee's EI deductions.

The cheque to remit CPP, EI and Income Tax would be remitted to CRA by the 15th of the following month.

The balance in the Wages and Salaries Expense account is equal to net pay.

The general journal entry to record payroll benefits and taxes generally includes

The individual employee earnings are reported on Form T4.

If the employees' EI deductions for the week total $500, the employer's EI contribution will be

If the employees' CPP deductions for the week total $500, the employer's CPP contribution will be

Employers share with their employees the total cost of

If the employee's EI deductions for the week total $300, the employer's EI contribution will be

The employer's remittance to CRA includes