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If the employees have had $300 in CPP contributions and $400 in EI contributions deducted

If the employees have had $300 in CPP contributions and $400 in EI contributions deducted

If the employees have had $300 in CPP contributions and $400 in EI contributions deducted from their paycheques, then the amount to be remitted to the Receiver General would be (excluding income taxes)

A) $700.

B) $1,560.

C) $860.

D) $1,520.

 

12) If the employees had $200 CPP, $300 EI and $400 Income Tax deducted from their paycheques, the employer would remit

A) $900.

B) $1,120.

C) $1,520.

D) $1,920.

 

13) Personal Income Tax rates

A) vary from province to province.

B) are the same in every province.

C) vary according to the employee's cash on hand.

D) are set by the Municipal Government annually.

 

14) If ABC company had deducted $2,000 Income tax, $200 CPP, and $120 EI from the employee's cheques, then the Employee Benefits Expense would be

A) $2,320

B) $320

C) $400

D) $368

 

15) Workers' Compensation Insurance

A) insures employees against losses due to workplace injury or death.

B) insures employees their wages if they were reduced due to a cut in hours worked.

C) insures employees their wage if they were to be laid off as a result of new technology.

D) protects employers against employees fraudulent acts.

16) The employer records deductions from the employee's paycheque

A) as debits to expense accounts

B) as credits to liability accounts until paid

C) as debits to asset accounts until paid

D) as credits to capital accounts

 

17) Prepaid Worker's Compensation Insurance is what type of account?

A) Asset

B) Expense

C) Liability

D) Revenue

 

18) What type of an account is Wages and Salaries Payable?

A) Asset

B) Liability

C) Revenue

D) Expense

 

19) The Wages and Salaries Expense account would be used to record

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.

 

20) What type of account is Payroll Tax Expense?

A) Asset

B) Liability

C) Revenue

D) Expense

Tripti 06-Dec-2019

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