Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 4

Payroll Fundamentals 1

TermDefinition
Non-regular payment have no established frequency. Included in income as earnings and subject to all deductions.
Non-regular payment, 3 common types 1. Retroactive adjustments 2. Bonus payments 3. Vacation payments
Retroactive earnings a delayed payment of earnings owed. Included in income and subject to all deductions.
Retroactive earnings, 3 types 1. Retroactive Adjustment 2. Retroactive Increase 3. Reinstatement Payment
Retroactive Adjustment wage increase is processed after it had been awarded.
Retroactive Increase wage increase is awarded and the effective date is backdated.
Reinstatement Payment employment was terminated, then later reinstated with back pay.
Retroactive Tax Method gov't-prescribed method to calculate tax deductions on retroactive and reinstatement adjustments or increases.
Bonus and incentive Pay non-regular payment made over and above regular wages. Included in income and subject to all deductions.
Bonus types 1. Work related 2. Production or work performance 3. Discretionary (Christmas bonus) 4. Recognition 5. Met goals or deadlines 6. Part of a profit sharing plan 7. Signing or pre-employment 8. Retention
Vacation Pay an amount paid when one goes on vacation leave. Based on percentage or fraction of vacationable earnings. Included in income and subject to all deductions.
Vacation Pay (no time taken) 1. Payout of accumulated vacation 2. Payout upon termination of employment 3. Payout as per Employment Standards approval
Non-regular payment paid separately from regular payment calculate C/QPP by using only the contribution rate (no exemption amount subtracted).
Bonus tax method gov't-prescribed method to calculate tax deductions on bonus payments, vacation pay (no time taken), and reinstatement payments (pertaining to previous tax yr.).
Bonus tax method (2 calculations) 1. Calculate taxes on payments (1 bonus/yr,) 2. Calculate taxes on subsequent payments (multiple bonuses/yr.)
NWT/NU Payroll Tax 2% applied to all payments and value of benefits and allowances.
Director's Fees paid to members of a board of directors. Included in income and subject to deductions (except EI, unless paid to crown corporation).
Director's Fees (C/QPP) no C/QPP held from 1. Age 70 or older 2. Age 65-70 receiving a pension plan 3. in receipt of a C/QPP disability benefit
Director's Fees (Income tax) no deductions if a non-employee director has an annual fee less than the amount claimed on their TD1.
Death benefits discretionary lump-sum payment made by an employer on the death of an employee to a beneficiary or estate (may include sick pay owed, not vacation pay).
Death benefits (continued) not included in income, subject to income tax.
Lump-sum tax method gov't-prescribed method to calculate tax deductions on death benefits. First $10,000.00 is exempt from tax. Additional taxes may be deducted up request.
Created by: Moorebaier
Popular Accounting sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards