Which item is not an amount statutorily required to be withheld by employer?

a. Life Insurance Premiums

b. Employment Insurance

c. Canada Pension Plan

d Income Tax

a.

Life Insurance Premiums

b.

Employment Insurance

c.

Canada Pension Plan

d.

Income Tax

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Question 2

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A Company deducted $230 in E.I and $195 in CPP from the weekly payroll of its employee. What was the total remittance for the company, including companys share that was to be submitted to CRA assuming this was in 2017?

a. $517

b. $195

c. $425

d. $942

a.

$517

b.

$195

c.

$425

d.

$942

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Question 3

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Which of the following statements is false regarding Employment Insurance (E.I)?

a. E.I. is exempted for teachers, hospital workers, and top-level executives

b. The collection function of E.I. is carried out by CRA

c. The employer pays 1.4 times the employee deduction in 2017

d. None of the above

a.

E.I. is exempted for teachers, hospital workers, and top-level executives

b.

The collection function of E.I. is carried out by CRA

c.

The employer pays 1.4 times the employee deduction in 2017

d.

None of the above

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Question 4

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Which of the following statements is False?

a. CPP is a national contributory retirement pension scheme

b. E.I is an employee financed employment insurance plan

c. Gross pay is the amount of earnings before any deduction for taxes

d. Personal tax credits determine the amount of income taxes withheld

a.

CPP is a national contributory retirement pension scheme

b.

E.I is an employee financed employment insurance plan

c.

Gross pay is the amount of earnings before any deduction for taxes

d.

Personal tax credits determine the amount of income taxes withheld

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Question 5

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An average employees net pay is:

a. Regular pay plus overtime pay minus all the required deductions

b. Regular pay minus CPP

c. Regular pay minus CPP and E.I

d. Regular pay minus income taxes

a.

Regular pay plus overtime pay minus all the required deductions

b.

Regular pay minus CPP

c.

Regular pay minus CPP and E.I

d.

Regular pay minus income taxes

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Question 6

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Interest and dividends are incomes that are reported on a:

a. T4A slip

b. T4 slip

c. T5 slip

d. T5A slip

a.

T4A slip

b.

T4 slip

c.

T5 slip

d.

T5A slip

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Question 7

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What steps must an employer follow in sequential form to calculate an employees income tax deduction:

a. First calculate CPP & E.I

b. First complete the TD1 form then calculate CPP & E.I

c. First establish the claims code using TD1 then use the tax tables

d. Complete the tax credits form then go straight to tax tables

a.

First calculate CPP & E.I

b.

First complete the TD1 form then calculate CPP & E.I

c.

First establish the claims code using TD1 then use the tax tables

d.

Complete the tax credits form then go straight to tax tables

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Question 8

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Please use the following information to answer this and the next 2 questions:

The 2021 maximum annual pensionable earning for CPP is: $61,600; basic annual exemption: $3,500 and CPP contribution rate: 5.45%.

The 2021 maximum annual insurable earnings for E.I is: $56,300 and the E.I premium rate is 1.58%.

The employer share of CPP is same as employees share while the employers share of E.I is 1.4 times the employees deduction.

Question:

If an employee in Ontario received $2,100 weekly pay in 2021, what is her CPP contribution per pay period?

a. $121.79

b. $109.78

c. $ 66.36

d. $60.89

a.

$121.79

b.

$109.78

c.

$ 66.36

d.

$60.89

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Question 9

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Assume the above employee in question # 8 is now getting a bi-weekly pay with same annual income of $109,200. What is her E.I deductions per her new pay period?

a. $973.28

b. $ 66.36

c. $ 34.21

d. $ 33.18

a.

$973.28

b.

$ 66.36

c.

$ 34.21

d.

$ 33.18

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Question 10

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Assume the above employee in question #9 with annual income of $109,200 and getting bi-weekly pay has total income tax deducted bi-weekly of $840. What is the total remittance the employer will have to send to CRA on a bi-weekly basis?

a. $1,165.68

b. $3,166.45

c. $ 922.10

d. $1,083.50

a.

$1,165.68

b.

$3,166.45

c.

$ 922.10

d.

$1,083.50

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