Question 1

To qualify as a taxable benefit the employee must receive something that is of a personal benefit to them.

Accepted Answer

A) True 
 B)False

Question 2

The employment contract may express payment in any method imagined (for example: per hour, per year, per unit, per dollar sold, per telephone call, per page written, etc.).

Accepted Answer

A) True 
 B)False

Question 3

Frank Hill works for a company with a semi-monthly pay cycle. He earns
 $80,000 per year and receives over-time paid at time and a half for any approved hours worked in excess of 40 hours per week. He receives a parking allowance of $100 per month and is paid $25 per hour for working on-call on weekends.
 During this pay cycle Frank worked 9 hours of approved over-time this pay cycle and was on-call for 10 hours on Saturday. Calculate Frank's gross earnings for this pay cycle.

Accepted Answer

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Question 4

If Mary earns $260,000 per year how much does she earn per week?

Accepted Answer

A)  $260,000 
B)  $2,500 
C)  $6,000 
D)  $10,000 
E)  $5,000 
A)  $260,000 
B)  $2,500 
C)  $6,000 
D)  $10,000 
E)  $5,000

Question 5

The CEO of Amblake Co. would like to offer free parking to all employees in a prime downtown space. What impact will this have on their pay?

Accepted Answer

A)  Will increase their rate of pay per hour. 
B)  No impact. 
C)  Will result in higher statutory deductions. 
D)  Will result in lower statutory deductions. 
E)  Will reduce their net income by the full value of the parking space. 
A)  Will increase their rate of pay per hour. 
B)  No impact. 
C)  Will result in higher statutory deductions. 
D)  Will result in lower statutory deductions. 
E)  Will reduce their net income by the full value of the parking space.

Question 6

This information is not required in order to calculate the automobile taxable benefit for employees who are permitted to use company owned cars for personal use.

Accepted Answer

A)  The cost of gas for personal driving. 
B)  The amount of money reimbursed to the employer by the employee for personal use. 
C)  The total amount of business kilometres driven. 
D)  The total number of kilometres driven. 
E)  The purchase price of the automobile. 
A)  The cost of gas for personal driving. 
B)  The amount of money reimbursed to the employer by the employee for personal use. 
C)  The total amount of business kilometres driven. 
D)  The total number of kilometres driven. 
E)  The purchase price of the automobile.

To qualify as a taxable benefit the employee must receive something that is of a personal benefit to them.

The employment contract may express payment in any method imagined (for example: per hour, per year, per unit, per dollar sold, per telephone call, per page written, etc.).

If Mary earns $260,000 per year how much does she earn per week?

The CEO of Amblake Co. would like to offer free parking to all employees in a prime downtown space. What impact will this have on their pay?

This information is not required in order to calculate the automobile taxable benefit for employees who are permitted to use company owned cars for personal use.

Employment and Payroll Regulations

Understanding Employment Standards Legislation and Compensation Offerings

Canadian Payroll Deductions: CPP and EI Contributions, Exemptions, and Deductions

Employee Payroll and Deduction Policies and Guidelines

Payroll and Benefits: Common Misconceptions and Calculation Methods

Employer Obligations and Requirements: A Comprehensive Guide to Statutory Deductions and Registrations in Canada

Payroll and General Ledger FAQS

Computer Processing Choices, Non-Recurring Payments, Integrated Systems, and Software Considerations in Payroll Processing

Payment Voucher

Termination and Record of Employment: Important Considerations and Procedures

Important Information About T4 Forms and Filing Requirements

Filters

Exam 3: Determining Taxable Allowances for Employees

To qualify as a taxable benefit the employee must receive something that is of a personal benefit to them.

The employment contract may express payment in any method imagined (for example: per hour, per year, per unit, per dollar sold, per telephone call, per page written, etc.).

If Mary earns $260,000 per year how much does she earn per week?

The CEO of Amblake Co. would like to offer free parking to all employees in a prime downtown space. What impact will this have on their pay?

This information is not required in order to calculate the automobile taxable benefit for employees who are permitted to use company owned cars for personal use.

Employment and Payroll Regulations

Understanding Employment Standards Legislation and Compensation Offerings

Canadian Payroll Deductions: CPP and EI Contributions, Exemptions, and Deductions

Employee Payroll and Deduction Policies and Guidelines

Payroll and Benefits: Common Misconceptions and Calculation Methods

Employer Obligations and Requirements: A Comprehensive Guide to Statutory Deductions and Registrations in Canada

Payroll and General Ledger FAQS

Computer Processing Choices, Non-Recurring Payments, Integrated Systems, and Software Considerations in Payroll Processing

Payment Voucher

Termination and Record of Employment: Important Considerations and Procedures

Important Information About T4 Forms and Filing Requirements

Filters