1). Fleetway Transport is an Accelerated threshold 1 remitter. The statutory deductions withheld from the three bi-weekly payrolls in August are as follows:

On the August 3 pay, the employees' Canada Pension Plan contributions were $3,658.20, their Employment Insurance premiums were $1,295.40, their federal income tax withholding was $13,157.33 and their provincial income tax (non-Quebec) withholding was $6,054.65.
On the August 17 pay, the employees' Canada Pension Plan contributions were $4,558.20, their Employment Insurance premiums were $2,275.40, their federal income tax withholding was $14,157.33 and their provincial income tax (non-Quebec) withholding was $7,854.65.
On the August 31 pay, the employees' Canada Pension Plan contributions were $3,558.20, their Employment Insurance premiums were $1,275.40, their federal income tax withholding was $12,157.33 and their provincial income tax (non-Quebec) withholding was $6,854.65.
The employer does not have a reduced Employment Insurance premium rate

Calculate the total amount to be remitted to the Canada Revenue Agency on September 10.

2).  Statutory deductions are held in trust by a business, except if it is:

an estate in liquidation
in bankruptcy
in receivership
none of the above

3). Lori contributes 2% of her annual earnings of $38,900.00 to her defined contribution pension plan. Her employer matches her contributions. Calculate Lori's pension adjustment.
4). Adjustments made to employee year-to-date earnings should be:

recorded when a Pensionable and Insurable Earnings Review is requested
accumulated and adjusted with semi-annual reconciliation
accumulated and adjusted at year-end
recorded as the adjustments occur

5).  Employers are classified as regular remitters when their average monthly withholding amount for the second preceding calendar year is:

less than $3,000.00
between $3,000.00 and $24,999.99
between $25,000.00 and $99,999.99
0 $100,000.00 or more

6). Ophelia works in Quebec and her 2019 payroll totals are regular earnings of $78,800.00, regular commission payments of $41,900.00, employer-provided automobile taxable benefit of $6,818.00, employer-paid medical and dental benefits of $812.00, and employee contributions to a Registered Retirement Savings Plan of $2,980.00. Calculate the total to be recorded in Box 14 of Ophelia's T4 information slip.

7).  Preet works in Ontario and her 2019 payroll totals are regular earnings of $41,300.00, regular commission payments of $9,400.00, employer-provided automobile taxable benefit of $3,418.00, employer-paid medical and dental benefits of $648.00, and employee contributions to a Registered Retirement Savings Plan of $1,266.00. Calculate the total to be recorded in Box 14 of Preet's T4 information slip.

8).  Which of the following expenses of an organization is generally accounted for on a continuous accrual basis?

Employer contributions to employees' Registered Retirement Savings Plans
Group term life insurance premiums
Vacation pay
Employer contributions to a defined benefit pension plan

9).  An organization's source deductions remittance frequency depends on the amount of the average monthly withholding amount for:
current year
the second preceding calendar year
the previous calendar year
the third preceding calendar year

10).  Which of the following situations would require that a T4A be issued?

An employee received vacation pay of $1,600.00 on termination
An employee received wages in lieu of notice of $2,500.00
An employee received $35,000.00 in retroactive pay
A former employee's group term life was provided by the employer with a taxable benefit of $450.00

11).  An accelerated threshold 1 remitter has a weekly payroll with total statutory deductions (including employer contributions) each pay period of $7,135.00. Their pay dates in the current month were on Friday the 1st, 8th, 15th, 22nd and 29th. Calculate the amount of the remittance due on the 25th of the current month.

12).  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 information slip?

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 information slip?
$4,294.00
$5,212.00
$9,506.00
No amount required

13).  Isabel has a defined benefit pension plan based on final average earnings with her employer. She has a pension benefit of 2% of her final earnings and $43,800.00 of pensionable earnings for this year. Calculate her pension adjustment for 2020.
14). When the remittance date falls on a weekend or statutory holiday, an employer should ensure that the Canada Revenue Agency is in receipt of the funds:
there are no restrictions
by the previous business date
by the next business date
which are postmarked on the weekend or statutory holiday.

Answer rating: 100% (QA)

Answers 2 Statutory deductions are held in trust by a business except if it is bankrupt Explanation Statutory deductions are held in trust by a business except if it is in bankruptcy If any bankrupt e... View the full answer