Question 1

What is the purpose of the Canada Pension Plan and how are the employer's contributions calculated?

Accepted Answer

The Canada Pension Plan is intended to p

Question 2

The payroll tax expense is recorded at the same time the payroll is recorded.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A)  1.4 times employee CPP deductions 
B)  1/4 of employee CPP deductions 
C)  Matching employee CPP deductions 
D)  1/2 employee CPP deductions 
A)  1.4 times employee CPP deductions 
B)  1/4 of employee CPP deductions 
C)  Matching employee CPP deductions 
D)  1/2 employee CPP deductions

Question 4

If the employees had $250 CPP, $350 EI and $450 Income Tax deducted from their paycheques, then the total amount to be remitted to the Receiver General would be

Accepted Answer

A)  $1,790. 
B)  $600. 
C)  $740. 
D)  $1,050. 
A)  $1,790. 
B)  $600. 
C)  $740. 
D)  $1,050.

Question 5

Premiums for worker's compensation insurance may be adjusted based on actual payroll amounts at the end of the year.

Accepted Answer

A) True 
 B)False

Question 6

The account credited for the employer's portion of CPP is CPP Payable.

Accepted Answer

A) True 
 B)False

Question 7

A T4 Summary is filed

Accepted Answer

A)  annually. 
B)  quarterly. 
C)  monthly. 
D)  depends on the amount owed. 
A)  annually. 
B)  quarterly. 
C)  monthly. 
D)  depends on the amount owed.

Question 8

Every business with employees must have a unique identification number issued by the Canada Revenue Agency.

Accepted Answer

A) True 
 B)False

Question 9

The Wages and Salaries Expense account would be used to record

Accepted Answer

A)  net earnings for the office workers. 
B)  a credit to the amount owed to the office workers. 
C)  gross earnings for the office workers. 
D)  a debit for the amount of net pay owed to the office workers. 
A)  net earnings for the office workers. 
B)  a credit to the amount owed to the office workers. 
C)  gross earnings for the office workers. 
D)  a debit for the amount of net pay owed to the office workers.

Question 10

The entry to record the payroll tax expenses would include

Accepted Answer

A)  a credit to Federal Income Taxes Expense. 
B)  a credit to EI Payable and CPP Payable. 
C)  a credit to Taxes Payable. 
D)  a credit to Wages Payable. 
A)  a credit to Federal Income Taxes Expense. 
B)  a credit to EI Payable and CPP Payable. 
C)  a credit to Taxes Payable. 
D)  a credit to Wages Payable.

Question 11

The employee's T4 must be sent to the employee by February 28 of the year following.

Accepted Answer

A) True 
 B)False

Question 12

Wages and Salaries Expense is

Accepted Answer

A)  equal to net pay. 
B)  equal to gross pay. 
C)  equal to the employer's taxes. 
D)  None of the above are correct. 
A)  equal to net pay. 
B)  equal to gross pay. 
C)  equal to the employer's taxes. 
D)  None of the above are correct.

Question 13

The cost of workers' compensation insurance must be estimated and paid in advance by the employer.

Accepted Answer

A) True 
 B)False

Question 14

Explain the formula used to compute EI deductions. Is it easier or more difficult to calculate than the CPP deduction?

Accepted Answer

Currently, the EI is simply 1.88% of the

Question 15

The premium rate for workers' compensation is based on the type of work performed.

Accepted Answer

A) True 
 B)False

Question 16

If an employee leaves an employer during the year, the employer must issue a T4 within 30 days of the request.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A)  $30. 
B)  $300. 
C)  $3. 
D)  $420. 
A)  $30. 
B)  $300. 
C)  $3. 
D)  $420.

Question 18

Jungwirth Mechanical has five payrolls for the month. Each payroll had $9,000 salary, $1,800 income tax, $430 CPP, $165 EI, $300 Health Plan, and $6,305 net pay. What amount would the company send to the CRA as the remittance from this month?

Accepted Answer

$1,800 × 1 = $1,800

What is the purpose of the Canada Pension Plan and how are the employer's contributions calculated?

The payroll tax expense is recorded at the same time the payroll is recorded.

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

If the employees had $250 CPP, $350 EI and $450 Income Tax deducted from their paycheques, then the total amount to be remitted to the Receiver General would be

Premiums for worker's compensation insurance may be adjusted based on actual payroll amounts at the end of the year.

The account credited for the employer's portion of CPP is CPP Payable.

A T4 Summary is filed

Every business with employees must have a unique identification number issued by the Canada Revenue Agency.

The Wages and Salaries Expense account would be used to record

The entry to record the payroll tax expenses would include

The employee's T4 must be sent to the employee by February 28 of the year following.

Wages and Salaries Expense is

The cost of workers' compensation insurance must be estimated and paid in advance by the employer.

Explain the formula used to compute EI deductions. Is it easier or more difficult to calculate than the CPP deduction?

The premium rate for workers' compensation is based on the type of work performed.

If an employee leaves an employer during the year, the employer must issue a T4 within 30 days of the request.

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

Jungwirth Mechanical has five payrolls for the month. Each payroll had $9,000 salary, $1,800 income tax, $430 CPP, $165 EI, $300 Health Plan, and $6,305 net pay. What amount would the company send to the CRA as the remittance from this month?

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

Exam 10: The Employers Tax Responsibilities: Principles and Procedures

What is the purpose of the Canada Pension Plan and how are the employer's contributions calculated?

The payroll tax expense is recorded at the same time the payroll is recorded.

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

If the employees had $250 CPP, $350 EI and $450 Income Tax deducted from their paycheques, then the total amount to be remitted to the Receiver General would be

Premiums for worker's compensation insurance may be adjusted based on actual payroll amounts at the end of the year.

The account credited for the employer's portion of CPP is CPP Payable.

A T4 Summary is filed

Every business with employees must have a unique identification number issued by the Canada Revenue Agency.

The Wages and Salaries Expense account would be used to record

The entry to record the payroll tax expenses would include

The employee's T4 must be sent to the employee by February 28 of the year following.

Wages and Salaries Expense is

The cost of workers' compensation insurance must be estimated and paid in advance by the employer.

Explain the formula used to compute EI deductions. Is it easier or more difficult to calculate than the CPP deduction?

The premium rate for workers' compensation is based on the type of work performed.

If an employee leaves an employer during the year, the employer must issue a T4 within 30 days of the request.

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

Jungwirth Mechanical has five payrolls for the month. Each payroll had $9,000 salary, $1,800 income tax, $430 CPP, $165 EI, $300 Health Plan, and $6,305 net pay. What amount would the company send to the CRA as the remittance from this month?

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