Payroll Fundamentals 1Exam: PF1 Exam


"Payroll Fundamentals 1Exam", also known as PF1 exam, is a National Payroll Institute Certification. With the complete collection of questions and answers, PrepAwayPDF has assembled to take you through 75 Q&As to your PF1 Exam preparation. In the PF1 exam resources, you will cover every field and category in Payroll Fundamentals Certification helping to ready you for your successful National Payroll Institute Certification.

  • Exam Code: PF1
  • Exam Name: Payroll Fundamentals 1Exam
  • Total Questions: 75

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National Payroll Institute PF1 Exam Syllabus Topics:

SectionObjectives
Provincial Remittances- Provincial payroll requirements
  • 1. Provincial payroll taxes
  • 2. Provincial reporting obligations
Non-Statutory Deductions- Voluntary deductions
  • 1. Union dues
  • 2. Benefit premiums
Termination of Employment- Termination processing
  • 1. Severance payments
  • 2. Termination pay calculations
New Employee Information- Employee setup and documentation
  • 1. Payroll records management
  • 2. Federal and provincial tax forms
Payroll Accounting- Payroll accounting practices
  • 1. Payroll reconciliations
  • 2. Journal entries
Commission Payments- Commission payroll processing
  • 1. Commission earnings calculations
  • 2. Tax treatment of commissions
Employment Income – Allowances, Expenses and Benefits- Taxable and non-taxable benefits
  • 1. Benefit taxation
  • 2. Allowances and reimbursements
Workers’ Compensation- Workers compensation administration
  • 1. Employer reporting
  • 2. Premium calculations
Non-Regular Payments- Special payroll payments
  • 1. Vacation pay calculations
  • 2. Bonus payments
Record of Employment- ROE processing
  • 1. ROE completion requirements
  • 2. Electronic filing
Year-End Processing- Federal and provincial year-end reporting
  • 1. Year-end reconciliations
  • 2. T4 and RL-1 preparation
Federal Remittances- Government remittance obligations
  • 1. CPP and EI remittances
  • 2. Income tax remittances
Employment Income – Regular Earnings- Regular payroll calculations
  • 1. Salary and hourly wage calculations
  • 2. Overtime calculations

National Payroll Institute Payroll Fundamentals 1Exam Sample Questions:

Vacation pay on termination would be recorded in which Block(s) on the Record of Employment?

  • A. It would not be recorded
  • B. Block 15B only
  • C. Blocks 15B, 15C P.P. 1 and 17A
  • D. Block 17A only
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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Charmaine's employment was terminated by her employer on April 13 of the current year. Charmaine had worked for her employer for 3 years and was paid 3 weeks of legislated wages in lieu of notice and two weeks' vacation pay with her final pay. What date should be recorded in Block 11 on Charmaine's Record of Employment?

  • A. None of the above
  • B. April 13 of the current year
  • C. Block 11 would not be completed
  • D. May 4 of the current year
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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The formula for calculating net pay is:

  • A. Gross earnings minus total tax
  • B. Net taxable income minus total deductions
  • C. Pensionable earnings minus total deductions
  • D. Gross earnings minus total deductions
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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A paper Record of Employment must be issued:

  • A. Within five calendar days of an interruption of earnings
  • B. All of the above
  • C. When an employer becomes aware of an interruption of earnings exceeding seven calendar days
  • D. When requested by Service Canada
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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Which pension plan requires the services of an actuary to study and forecast future needs of the plan to ensure the plan remains sufficiently funded to provide employees with their retirement benefits?

  • A. Defined contribution pension plan
  • B. Registered Retirement Savings Plan
  • C. Defined benefit pension plan
  • D. All of the above
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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