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How to calculate and record the employer’s expenses associated with payroll. 1) Employm

How to calculate and record the employer’s expenses associated with payroll. 1) Employm

  How to calculate and record the employer’s expenses associated with payroll.

 

1) Employment Insurance premiums are paid by

A) the employer.

B) the employee.

C) both the employer and employee.

D) the Provincial Government.

 

2) Which of the following is a payroll tax paid by both employee and employer?

A) CPP & EI

B) EI only

C) CPP only

D) Income Tax

 

3) In addition to CPP and EI, employers often share the expense of

A) garnishees.

B) savings plans.

C) health care plans.

D) income tax.

 

4) The employer pays CPP premiums in what ratio to 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

 

5) The employer pays EI premiums in what ratio to employee EI deductions?

A) 1.4 times employee EI deductions

B) 4 times employee EI deductions

C) 2 times employee EI deductions

D) Does not contribute

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

A) a debit to Salaries Expense.

B) a credit to Salaries Payable.

C) a debit to Employee Benefits Expense.

D) a debit to Sales Tax Expense.

 

7) The entry to record the payroll tax expenses would include

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.

 

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

A) $30.

B) $300.

C) $3.

D) $420.

 

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

A) $500.

B) $50.

C) $20.

D) $700.

 

10) If the employees have had $200 in CPP contributions and $300 in EI contributions deducted from their paycheques, then the Employer's Benefits Expense would be increased by

A) $500.

B) $580.

C) $620.

D) $7

Tripti 06-Dec-2019

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