Free Demo
Free renewal for one year
When it comes to the strong points of our PF1 training materials, free renewal must be taken into account. Free renewal refers to that our PF1 exam dumps provides customers who have made a purchase for our PF1 study guide renewal in one year for free. I have to say that no other exam learning material files can be so generous as to offer you free renewal for the whole year. However, our National Payroll Institute PF1 training materials do achieve it because they regard the interests of the general public as the paramount mission. Therefore, they just do their best to serve you wholeheartedly. That is why they would like to grant the privilege of free renewal for one year to the general customers. In addition, our PF1 exam dumps specially offer customers some discounts in reward of the support from customers.
High hit ratio
Our PF1 training materials, after so many years of experience concerning the question making, have developed a well-organized way to compile the frequently tested points and the latest heated issues all into our PF1 exam dumps files. As a result, the majority of our questions are quite similar to what will be tested in the real exam. Customers who have used our PF1 study guide materials to study hard for the coming exam will be quite familiar to those tested points since they have received a lot of training of the same kind from our PF1 latest dumps. What's more, as our exam experts of PF1 study materials all are bestowed with great observation and profound knowledge, they can predict accurately what the main trend of the exam questions is, which to a considerable extent helps to achieve the high hit ratio of our PF1 training online.
Fast delivery
Unlike other kinds of exam files which take several days to wait for delivery from the date of making a purchase, our PF1 study guide can offer you immediate delivery after you have paid for them. The moment you money has been transferred into our account, and our system will send our National Payroll Institute PF1 training materials to your mail boxes so that you can download them directly. With so many experiences of tests, you must be aware of the significance of time related to tests. (PF1 exam dumps) Time is actually an essential part if you want to pass the exam successfully as both the preparation of PF1 study guide and taking parting part in the exam need enough time so that you accomplish the course perfectly well.
After purchase, Instant Download PF1 Dumps: Upon successful payment, Our systems will automatically send the product you have purchased to your mailbox by email. (If not received within 12 hours, please contact us. Note: don't forget to check your spam.)
Do you still remember your dream? Do you still remember that once upon a time you even had the ambition to conquer the universe? (PF1 training materials) But now, you are so upset that you even forget who you are and where you come from. Come on, baby! Don't lose heart as everything has not been settled down and you still have time to prepare for the PF1 actual test. You still have the choice, and that is our National Payroll Institute PF1 exam dumps. With our PF1 study guide, you can be the one who laughs at last. The reasons are follows.
National Payroll Institute PF1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Payroll Fundamentals and Compliance Framework | - Payroll system overview in Canada
|
| Topic 2: Payroll Records and Compliance Reporting | - Government reporting
|
| Topic 3: Earnings, Deductions, and Taxation | - Types of earnings
|
National Payroll Institute Payroll Fundamentals 1Exam Sample Questions:
The employee-employer relationship is deemed to be severed when:
- A. The employee continues to accrue benefits in the organization's pension plan
- B. There is no expectation of work to be performed by the employee
- C. The employee retains the right to be recalled to work
- D. None of the above
Correct Answer: B 🗳️
Explanation: Only visible for VCE4Dumps members. You can sign-up / login (it's free).
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. Full-time employee went on 6 weeks' unpaid leave of absence
- C. A business is sold and the new owner retains all employees and payroll records with no loss of earnings
- D. Employee is laid off and will not be recalled
Correct Answer: C 🗳️
Explanation: Only visible for VCE4Dumps members. You can sign-up / login (it's free).
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 wages at the point of receiving the retiring allowance
- B. The employee's average earnings from the past five years with the employer and its associated companies
- C. The employee's number of years of service with the employer and its associated companies prior to
1996 - D. The employee's age plus the employee's average earnings from the past five years with the employer and its associated companies
Correct Answer: C 🗳️
Explanation: Only visible for VCE4Dumps members. You can sign-up / login (it's free).
In Block 6 of the Record of Employment, what pay period type is entered for employees who are paid salary plus regularly paid commission?
- A. Depends on the pay period frequency
- B. Weekly
- C. Irregular
- D. Monthly
Correct Answer: A 🗳️
Explanation: Only visible for VCE4Dumps members. You can sign-up / login (it's free).
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.
[ _________________________________ ]
Correct Answer:
See the Explanation part for answer for each step.
Explanation:
Step 1 - Gross Taxable Earnings (GTE)
Salary per pay: 49,500 ÷ 24 = $2,062.50
Taxable car allowance: $50.00
Group term life taxable benefit:
Coverage = 2 × 49,500 = 99,000
Monthly premium = (99,000 ÷ 1,000) × 0.62 = 99 × 0.62 = 61.38
Semi-monthly benefit = 61.38 ÷ 2 = $30.69
GTE = $2,143.19
Step 2 - Pensionable Earnings (PE)
PE = $2,112.50 (2,062.50 + 50.00)
Step 3 - Insurable Earnings (IE)
IE = $2,112.50
Step 4 - Net Taxable Income (CRA) (NTI)
RPP = 5% × 2,062.50 = $103.13
Union dues = 2% × 2,062.50 = $41.25
NTI (CRA) = 2,143.19 # 103.13 # 41.25 = $1,998.81
Step 5 - Net Taxable Income (RQ)
$0.00
Step 6 - CPP (base CPP)
Period exemption = 3,500 ÷ 24 = $145.83
Contributory = 2,112.50 # 145.83 = $1,966.67
CPP = 1,966.67 × 5.95% = $117.02
CPP = $117.02
Step 6B - 2nd CPP (CPP2)
CPP2 = $0.00
Step 7 - EI premium
EI = 2,112.50 × 1.63% = $34.43
EI = $34.43
Step 8 - QPIP
$0.00
Step 9 - Federal income tax (CC1, semi-monthly)
$156.10
Step 10 - Alberta income tax (CC1, semi-monthly)
$73.20
Step 11 - Total deductions
Statutory: 117.02 + 34.43 + 156.10 + 73.20 = $380.75
Other: RPP 103.13 + Union 41.25 + United Way 20.00 + Social club 5.00 = $169.38 Total deductions = $550.13 Step 12 - Net pay Cash pay (salary + car allowance) = 2,062.50 + 50.00 = $2,112.50 Net pay = 2,112.50 # 550.13 = $1,562.37
Viewing page 1 out of 15 pages.
Viewing questions 1-5 out of 75 questions.
