Question

NO EXPLANATION REQUIRED. CHOOSE THE WRITE OPTION.

QUE5. The amount an employee earns before any deductions such as EI, CPP, and income tax withholdings is the

A- Taxable income

B- Gross pay

C- Take home pay

D- Deductible pay

E- Net pay

QUE6. A tax levied on the amount of a payroll or on the amount of an employee's gross pay is a(n)

A- Excess profits tax

B- Federal program

C- Employer tax

D- Employee tax

E- Payroll tax

QUE7. Most employers engaged in employing workers must pay

A- Workers' Compensation

B- Employment Insurance

C- Vacation pay

D- Canada Pension Plan

E- All of these

QUE8 A record of an employee's hours worked, gross pay, deductions, net pay, and certain personal information about the employee is an employee's

A- Canada Revenue Agency record

B- Individual earnings record

C- Federal tax record

D- Time card

E- T-4 earnings record

Answer 1

1. (QUE5)- Option B, Gross pay. Gross pay is the total amount of money an employee earns before any deductions and tax.
2. (QUE6)- Option E, Payroll tax. Payroll tax are imposed on employers or the employees and are usually calculated as a %.
3. (QUE7)- Option A, Workers compensation. Workers compensation is a mandatory one in many countries even if they have only 1 staff.
4. (QUE8) - Option B, Individual earnings record. The primary purpose of this is to calculate an employees net pay.