Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

BC Payroll > BC Payroll > Flashcards

BC Payroll Flashcards

1
Q

What federal & provincial tax forms do new employees have to fill out?

A

A federal TD1 and a provincial TD1

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the overtime rate for working up to 12 hours in a day?

A

1.5 x the employee’s regular hourly rate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the overtime rate for working over 12 hours in a day?

A

2 x the employee’s regular hourly rate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the age range for withholding CPP contributions?

A

18-69

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

At what age can you file an election to stop contributions to CPP?

A

Between 65-69

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

2022 CPP max annual pensionable earnings

A

$64,900

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

2022 CPP contribution rate

A

5.70%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

2022 CPP max contribution amount

A

$3,499.80

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

2022 CPP exemption for annual pay periods

A

$3,500

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

2022 CPP exemption for bi-weekly pay periods

A

$134.61

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Is there an age limit for EI premiums?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

2022 EI employee premium rate

A

1.58%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

2022 EI employer premium rate

A

1.4 x the employee premium

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

2022 EI max insurable earnings

A

$60,300

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

2022 EI max annual premiums

A
  • employee = $952.74

- employer = $1,333.84

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Net taxable income formula

A

Gross pensionable/taxable income, minus:

  • employee RPP contributions
  • RRSP contributions
  • union dues
  • prescribed living zones
  • CRA authorized deductions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Calculate the pay period taxable benefit for group term life insurance

A
  1. Employee coverage (salary x multiplier)
  2. Monthly taxable benefit (coverage x premium rate / $1,000)
  3. Pay period benefit (monthly taxable benefit x 12 / pay period frequency)
18
Q

Are extended health premiums a taxable benefit?

A

No

19
Q

Are CPP & EI withheld from death benefits?

A

No

20
Q

What method is used to calculate income tax on death benefits & what amount is exempt?

A

Lump-sum & the first $10,000 is exempt

21
Q

CRA accelerated threshold 2 remitter definiton

A

Employers w/average monthly withholdings > $100k

22
Q

CRA accelerated threshold 2 remitter schedule

A
  • 3 business dats from the last day in each weekly period
23
Q

BC Employer Health Tax applies to non-profits with a payroll greater then

A

$1.5 million

24
Q

BC Employer Health Tax formula for non-profits with payroll over $1.5 mil

A

Assessable remuneration x 1.95 %

no exemption applies

25
Q

WCB premium over $1,500 pay their premiums when?

A

Quarterly on the 20th of the month FOLLOWING the quarter.

26
Q

Payroll Calculation Template

A
  1. Determine gross earnings
  2. Determine non-cash taxable benefits
  3. CPP
  4. EI
  5. Federal income tax
  6. Provincial income tax
  7. Determine total deductions
  8. Calculate net pay
27
Q

Are employer contributions to a RRSP a included in box 14, employment income?

A

Yes

28
Q

Are employers contributions to an RRSP pensionable income?

A

Yes

29
Q

Are employer contributions to a RRSP insurable income?

A

Yes

30
Q

What is the primary objective of the payroll function?

A

To pay employees accurately & on time, in compliance with legislative requirements, for a full annual payroll cycle.

31
Q

Define payroll

A

The process of paying employees in exchange for the services they perform.

32
Q

Who are government stake holders?

A
  • federal

- provincial

33
Q

Who are internal stakeholders?

A
  • employers
  • employees
  • other departments
34
Q

Who are external stakeholders?

A
  • benefit carriers
  • courts
  • unions
  • pension providers
  • charities
  • 3rd party administrators
  • outsourced/software vendors
35
Q

BC minimum wage

A

15.20hr

36
Q

What are BC minimum daily hours if an employee is scheduled to work?

A
  • 2 hrs

- 4 hours if they’re scheduled for > 8hrs

37
Q

Qualifications for stat pay?

A
  • Employed for 30 calendar days
  • Worked or earned wages (like paid vacation days or another statutory holiday) on 15 of the 30 days before a statutory holiday
38
Q

What are SINs starting with a 9 used for?

A
  • non-citizens

- non permanent residents

39
Q

Do SINs starting with a 9 have an expiry date?

A

Yes.

40
Q

What method is used to deduct income tax from a retiring allowance?

A

Lump-sum

41
Q

If an employee turns 18 during the month, when do you start withholding CPP?

A

The first month FOLLOWING their birthday & you must prorate their max contributions.

42
Q

If an eligible employee completes an election to stop contributing to CPP, when do you stop withholdings?

A

The first pay of the month FOLLOWING the month you received the form.

BC Payroll (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions