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National Payroll Institute PF1 Exam Syllabus Topics:

National Payroll Institute Payroll Fundamentals 1Exam Sample Questions:

Question 1

Raminder was hired in January 1997. He was fully vested in the organization's pension plan at the time he received the retiring allowance. His employment was terminated on May 1, 2006 and he was paid a
$10,000.00 retiring allowance. Calculate the eligible portion of the retiring allowance.

A. $10,000.00
B. None of the retiring allowance is eligible
C. $7,500.00
D. $2,000.00

Question 2

The capital cost of an employer-owned vehicle includes:

A. The cost of the vehicle, vehicle options, accessories, sales tax and additions that add to depreciation value
B. The cost of the vehicle, sales tax, customized heavy-duty suspension and power winches to meet requirement of employment uses
C. The cost of the vehicle, vehicle options, specialized equipment to meet requirements of employment
D. The cost of the vehicle excluding sales tax

Question 3

Paul Westin works for an Alberta organization and receives a regular salary of $1,800.00 semi-monthly. He will be receiving a payout of accrued vacation with no time taken of $1,400.00 on a separate cheque. He has federal and provincial TD1s on file with claim code 1. Calculate the income taxes to be withheld on his vacation pay.

Question 4

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. All of the above
B. Defined contribution pension plan
C. Registered Retirement Savings Plan
D. Defined benefit pension plan

Question 5

Dollar amounts that are paid to an employee to cover expenses that they incurred while performing their job, but are not considered in the calculation of an employee's earnings are:

A. Expense reimbursements
B. Benefits
C. Earnings
D. Allowances

Solutions: