Payroll Fundamentals 1 Midterm Exam
Questions With Correct Answers
Commencement package (Ch.1) - CORRECT ANSWER✔✔--Organization specific
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forms (personal information forms)
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-Government forms (federal and provincial personal tax credits return)
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-Benefit forms (insurance enrollment forms)
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Hiring form (ch.1) - CORRECT ANSWER✔✔-May include information on their
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position such as department, manager, start date, salary/hourly wage, and
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benefit entitlement
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Information that must be provided to employees (ch.1) - CORRECT ANSWER✔✔--
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Employee name |
-Date of pay period
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-Rates of pay and hours of work at each rate
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-Gross earnings
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-Itemized deductions |
-Net pay
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TD1- WS is used to calculate partial claim amounts for... (ch.1) - CORRECT
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ANSWER✔✔--Age
-Canada caregiver amount for eligible dependent or spouse or common-law
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partner
,-Canada caregiver amount for dependent(s) age 18 or over
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Federal TD1, Provincial/territorial TD1, and Quebec TP-1015.3-V require... (ch.1) -
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CORRECT ANSWER✔✔--Name |
-Date of birth| |
-Social insurance number
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Other credits employees can claim on their Federal and Provincial/Territorial TD1
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to lower taxes (ch.1) - CORRECT ANSWER✔✔--Being a caregiver
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-Being over 65 | |
-Receiving a pension | |
-Being or supporting a student in post-secondary studies
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-Being disabled |
-Supporting a spouce | |
-Living alone (Quebec)
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-Having children under 18 (Saskatchewan and Yukon)
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Do you have to claim basic personal provincial/territorial credits? (ch.1) -
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CORRECT ANSWER✔✔--No, if only doing basic
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-Yes, if claiming children under 18 (Sakatchewan and Yukon)
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-Yes, always (Quebec)
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Employers should review TD1 and TP-1015.3-V forms to ensure (ch.2) - CORRECT
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ANSWER✔✔--Correct employee name, Date of birth, Address, and SIN | | | | | | | |
, -Correct amounts on the form
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-Amounts claimed are totaled correctly| | | |
-Form does not contain obvious false statements
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-The form is signed a dated
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What certain information must appear on an employee's statement of wages?
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(ch.2) - CORRECT ANSWER✔✔--Name
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-Rate of pay and hours worked at each rate
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-Date of pay period
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-Gross and net pay| | |
-Itemized deductions |
Renumeration (ch.2) - CORRECT ANSWER✔✔-Employee received compensation
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or pay for the services they perform
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-AKA employee income when employer-employee relationship exists
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Employee income can be categorized into what? (ch.2) - CORRECT ANSWER✔✔--
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Earnings
-Allowances
-Benefits
-Taxable expense reimbursements
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Earnings can be paid as... (ch.2) - CORRECT ANSWER✔✔--Salary
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-Rate for each hour worked
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Questions With Correct Answers
Commencement package (Ch.1) - CORRECT ANSWER✔✔--Organization specific
| | | | | | |
forms (personal information forms)
| | |
-Government forms (federal and provincial personal tax credits return)
| | | | | | | |
-Benefit forms (insurance enrollment forms)
| | | |
Hiring form (ch.1) - CORRECT ANSWER✔✔-May include information on their
| | | | | | | | | |
position such as department, manager, start date, salary/hourly wage, and
| | | | | | | | | |
benefit entitlement
|
Information that must be provided to employees (ch.1) - CORRECT ANSWER✔✔--
| | | | | | | | | |
Employee name |
-Date of pay period
| | |
-Rates of pay and hours of work at each rate
| | | | | | | | |
-Gross earnings
|
-Itemized deductions |
-Net pay
|
TD1- WS is used to calculate partial claim amounts for... (ch.1) - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔--Age
-Canada caregiver amount for eligible dependent or spouse or common-law
| | | | | | | | | |
partner
,-Canada caregiver amount for dependent(s) age 18 or over
| | | | | | | |
Federal TD1, Provincial/territorial TD1, and Quebec TP-1015.3-V require... (ch.1) -
| | | | | | | | | |
CORRECT ANSWER✔✔--Name |
-Date of birth| |
-Social insurance number
| |
Other credits employees can claim on their Federal and Provincial/Territorial TD1
| | | | | | | | | | |
to lower taxes (ch.1) - CORRECT ANSWER✔✔--Being a caregiver
| | | | | | | |
-Being over 65 | |
-Receiving a pension | |
-Being or supporting a student in post-secondary studies
| | | | | | |
-Being disabled |
-Supporting a spouce | |
-Living alone (Quebec)
| |
-Having children under 18 (Saskatchewan and Yukon)
| | | | | |
Do you have to claim basic personal provincial/territorial credits? (ch.1) -
| | | | | | | | | | |
CORRECT ANSWER✔✔--No, if only doing basic
| | | | |
-Yes, if claiming children under 18 (Sakatchewan and Yukon)
| | | | | | | |
-Yes, always (Quebec)
| |
Employers should review TD1 and TP-1015.3-V forms to ensure (ch.2) - CORRECT
| | | | | | | | | | | |
ANSWER✔✔--Correct employee name, Date of birth, Address, and SIN | | | | | | | |
, -Correct amounts on the form
| | | |
-Amounts claimed are totaled correctly| | | |
-Form does not contain obvious false statements
| | | | | |
-The form is signed a dated
| | | | |
What certain information must appear on an employee's statement of wages?
| | | | | | | | | | |
(ch.2) - CORRECT ANSWER✔✔--Name
| | |
-Rate of pay and hours worked at each rate
| | | | | | | |
-Date of pay period
| | |
-Gross and net pay| | |
-Itemized deductions |
Renumeration (ch.2) - CORRECT ANSWER✔✔-Employee received compensation
| | | | | | |
or pay for the services they perform
| | | | | |
-AKA employee income when employer-employee relationship exists
| | | | | |
Employee income can be categorized into what? (ch.2) - CORRECT ANSWER✔✔--
| | | | | | | | | |
Earnings
-Allowances
-Benefits
-Taxable expense reimbursements
| |
Earnings can be paid as... (ch.2) - CORRECT ANSWER✔✔--Salary
| | | | | | | |
-Rate for each hour worked
| | | |
