Deck 10: Payment Voucher

Question 1

In addition to calculating earnings, deductions and employer obligations arising from payroll, payroll administrators must ensure that all liabilities resulting from the payroll process are paid on time.

Answer 1

True

Question 2

With-holdings deducted from employee payments may be used to cover operational costs in between due dates.

Answer 2

True

Question 3

In Ontario workers' compensation monthly premiums are paid based on actual insurable earnings at the end of the year.

Answer 3

False

Question 4

In Quebec the payment of the contribution to the Health Services Fund must be made to the Canada Revenue Agency.

Question 5

In Manitoba, monthly payments of Health taxes must be made for employers with annual payroll in excess of $1,000,000 by the 15^th of the following month.

Question 6

Newfoundland and Labrador require monthly Health Tax payments within 20 calendar days of the end of the month, regardless of the size of the annual payroll.

Question 7

How can you determine the due dates for court ordered deductions?

A) Ask the employee
B) All are due on a monthly basis
C) All are due on the same date as the employee receives their pay
D) Review the terms of the order
E) Use the default in the payroll system

Question 8

Missing a scheduled pay date:

A) Can reduce the costs of interest and bank fees
B) Is a method of saving money
C) Often translates into improved customer service
D) Is likely to improve employee morale
E) Can result in fines and grievance costs

Question 9

Remittances to the Canada Revenue Agency may not be made by:

A) Mailed Cheque
B) Mailed Cash
C) Cheque taken to an agency office
D) Funds transfer from the employers' bank account
E) Payment made by an out-source payroll provider

Question 10

All payroll remittance payments made to the Canada Revenue Agency must have________ attached.

A) Employee Social Insurance Numbers
B) A blank void cheque
C) A T4A Summary form
D) The employer's HST filing number
E) The employer's payroll business number

Question 11

If Ontario workers' compensation payments based on estimates result in an overpayment on filing the annual report, the employer will:

A) Receive a rebate in the mail
B) Incur a fine in penalty
C) Face a formal audit from the Canada Revenue Agency
D) Forfeit the amount of the overpayment
E) Have the amount credited to the following year

Question 12

If your average monthly remittance in the 2^nd preceding year was $2,500 your remittance for amounts deducted on the January 14^th pay is due on:

A) April 15
B) February 15
C) January 14
D) January 25
E) The 3^rd business day following January 14

Question 13

If your average monthly remittance in the 2^nd preceding year was $24,500 your remittance for amounts deducted on the January 14^th pay is due on:

A) April 15
B) February 15
C) January 14
D) January 25
E) The 3^rd business day following January 14

Question 14

If your average monthly remittance in the 2^nd preceding year was $45,720 your remittance for amounts deducted on the January 14^th pay is due on:

A) April 15
B) February 15
C) January 14
D) January 25
E) The 3^rd business day following January 14

Question 15

If your average monthly remittance in the 2^nd preceding year was $103,117 your remittance for amounts deducted on the January 14^th pay is due on:

A) April 15
B) February 15
C) January 14
D) January 25
E) The 3^rd business day following January 14

Question 16

If you are a new business and did not have any remittances due 2 years ago, your remittance for amounts deducted on the January 14^th pay is due on:

A) April 15
B) February 15
C) January 14
D) January 25
E) The 3^rd business day following January 14

Question 17

An Ontario employer with annual insurable earnings of $350,000 would be required to remit workers' compensation premiums for the month of April by:

A) April 30^th
B) May 31^st
C) June 30^th
D) July 31^st
E) April 30^th of the following year

Question 18

An Ontario employer with annual insurable earnings of $15,000 would be required to remit workers' compensation premiums for the month of April by:

A) April 30^th
B) May 31^st
C) June 30^th
D) July 31^st
E) April 30^th of the following year

Question 19

An Ontario employer with annual insurable earnings of $250,000 would be required to remit workers' compensation premiums for the month of April by:

A) April 30^th
B) May 31^st
C) June 30^th
D) July 31^st
E) April 30^th of the following year

Question 20

If your average monthly remittance in the 2^nd preceding year was $2,500 you must remit amounts owed to the Canada Revenue Agency

A) Annually
B) Quarterly
C) Monthly
D) Semi-monthly (Accelerated 1)
E) Weekly (Accelerated 2)

Question 21

If your average monthly remittance in the 2^nd preceding year was $24,500 you must remit amounts owed to the Canada Revenue Agency

A) Annually
B) Quarterly
C) Monthly
D) Semi-monthly (Accelerated 1)
E) Weekly (Accelerated 2)

Question 22

If your average monthly remittance in the 2^nd preceding year was $45,720 you must remit amounts owed to the Canada Revenue Agency

A) Annually
B) Quarterly
C) Monthly
D) Semi-monthly (Accelerated 1)
E) Weekly (Accelerated 2)

Question 23

If your average monthly remittance in the 2^nd preceding year was $103,117 you must remit amounts owed to the Canada Revenue Agency

A) Annually
B) Quarterly
C) Monthly
D) Semi-monthly (Accelerated 1)
E) Weekly (Accelerated 2)

Question 24

If you are a new business and did not have any remittances due 2 years ago, you must remit amounts owed to the Canada Revenue Agency

A) Annually
B) Quarterly
C) Monthly
D) Semi-monthly (Accelerated 1)
E) Weekly (Accelerated 2)

Question 25

The largest and most frequent disbursement of payroll funds is typically for:

A) Remittance to Canada Revenue Agency
B) Remittance to unions
C) RRSP contributions to financial institutions
D) Net pay to employees
E) Remittance to charities

Question 26

If payment to the Canada Revenue Agency is made by cheque, the form----------must be submitted with the payment.

A) T2200
B) TD1
C) PD7
D) ROE
E) T4

Question 27

The frequency of remittances to the Canada Revenue Agency will depend on:

A) The average monthly remittance in the 2^nd preceding year
B) The average monthly remittance in the current year
C) The monthly remittance amount from the 2^nd preceding month
D) The average monthly remittance in the preceding year
E) The monthly remittance amount from the preceding month

Question 28

Explain why it is important that payroll is processed in time for payments to be received on the due date.

Question 29

List 5 steps that can be taken to facilitate the processing of payroll on tim