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The account credited for all payroll deductions is Payroll Deductions Expense. 27) The em

The account credited for all payroll deductions is Payroll Deductions Expense.

 

27) The employer must contribute 1.4 times the employee's CPP contributions.

 

28) The employer's EI contribution is 1.4 times that of the employee's deduction.

 

29) The Employee Benefits Expense entry is recorded at the time the payroll is recorded.

 

30) The employer must match the employee's Income Tax deductions.

 

31) CPP Payable normally has a credit balance.

 

32) Premiums for worker's compensation insurance may be adjusted based on actual payroll amounts at the end of the year.

 

33) An employer must always use a calendar year for payroll purposes.

 

34) The balance in the Wages and Salaries Expense account is equal to net pay.

 

35) The payroll tax expense is recorded at the same time the payroll is recorded.

Dec 06 2019 View more View Less

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