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National Payroll Institute Payroll Fundamentals 1Exam Sample Questions:

1. Paula is granted a pay increase. The paperwork informing the payroll department of the pay increase is two pay periods late. What method would be used to calculate income taxes on the separate retroactive payment?

A) Retroactive tax method
B) Tax table method
C) Lump-sum tax method
D) Bonus tax method

2. 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.
[ _________________________________ ]

3. Select the correct order of priority for withholding payroll deductions from an employee's earnings.

A) Statutory deductions, legal deductions, union deductions, company-compulsory deductions, voluntary deductions
B) Statutory deductions, union deductions, legal deductions, company-compulsory deductions, voluntary deductions
C) Company-compulsory deductions, union deductions, statutory deductions, legal deductions, voluntary deductions
D) Union deductions, statutory deductions, legal deductions, company-compulsory deductions, voluntary deductions

4. When would a Record of Employment be issued for an employee paid mainly by commission?

A) When the employee has not earned any commission after six months
B) An employee mainly paid by commission is not entitled to receive a Record of Employment
C) When the employee has had seven consecutive calendar days without both work and insurable earnings
D) When the employment relationship has been severed

5. Charlene receives $50.00 each pay for her meals. This is an example of:

A) A benefit
B) An allowance
C) None of the above
D) A reimbursement

Solutions: