National Payroll Institute Payroll Fundamentals 1Exam : PF1

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National Payroll Institute Payroll Fundamentals 1Exam Sample Questions:

1. Which of the following situations would not require an employer to issue a Record of Employment?

A) Employee's earnings fall to 40% of their normal weekly earnings
B) A business is sold and the new owner retains all employees and payroll records with no loss of earnings
C) Full-time employee went on 6 weeks' unpaid leave of absence
D) Employee is laid off and will not be recalled

2. Steve is physically disabled and his employer pays for his parking spot. This is considered:

A) A taxable allowance
B) A non-cash taxable benefit
C) None of the above
D) A cash taxable benefit

3. PF1 Exam - Net Pay Calculation (Template Worksheet)
Scenario
Diane Lemay works for Monarch Construction in Alberta and earns an annual salary of $49,500.00, paid on a semi-monthly basis.
The company provides its employees with group term life insurance coverage of two times annual salary and pays a monthly premium of $0.62 per $1,000.00 of coverage.
Diane uses her car to meet with clients on company business and receives a taxable car allowance of $50.00 per pay.
The company has a defined contribution pension plan to which Diane contributes 5% of her salary each pay.
Diane also contributes $20.00 to United Way and has $5.00 deducted for her social club membership each pay. She belongs to a union and pays 2% of her salary in union dues per pay period.
Diane's federal and provincial TD1 claim codes are 1. She will not reach the first Canada Pension Plan or Employment Insurance annual maximums this pay period.
Required: Calculate the employee's net pay, following the order of the steps in the net pay template.
EXHIBIT A - Net Pay Template (Fill in all blanks)

STATUTORY DEDUCTIONS

OTHER DEDUCTIONS


Given Data (Reference)

Step 1 - Calculate the employee's gross taxable earnings (GTE) for this pay.
[ _________________________________ ]
Step 2 - Calculate the pensionable earnings (PE).
[ _________________________________ ]
Step 3 - Calculate the insurable earnings (IE).
[ _________________________________ ]
Step 4 - Calculate the net taxable income (CRA) (NTI).
[ _________________________________ ]
Step 5 - Calculate the net taxable income (RQ) (NTI).
[ _________________________________ ]
Step 6 - Calculate Diane's Canada Pension Plan contribution.
[ _________________________________ ]
Step 7 - Calculate Diane's Employment Insurance premium.
[ _________________________________ ]
Step 8 - Calculate Diane's Quebec Parental Insurance Plan premium.
[ _________________________________ ]
Step 9 - Determine Diane's federal income tax.
[ _________________________________ ]
Step 10 - Determine Diane's provincial income tax.
[ _________________________________ ]
Step 11 - Calculate Diane's total deductions (statutory + other).
[ _________________________________ ]
Step 12 - Calculate Diane's net pay.
[ _________________________________ ]

4. Tanya submitted a letter of resignation to her employer on April 2 of the current year advising that she would be resigning her position effective April 27 for the pay period ending April 28. What date will appear in Block
11 of Tanya's Record of Employment?

A) April 2 of the current year
B) April 27 of the current year
C) April 30 of the current year
D) None of the above

5. What is the portion of a retiring allowance eligible to be transferred into a Registered Retirement Savings Plan (RRSP) or a registered pension plan (RPP) tax free based on?

A) The employee's number of years of service with the employer and its associated companies prior to
1996
B) The employee's average earnings from the past five years with the employer and its associated companies
C) The employee's age plus the employee's average earnings from the past five years with the employer and its associated companies
D) The employee's wages at the point of receiving the retiring allowance

Solutions: