1

Which of the following REASONS is TRUE, with regards to the Qualification to obtain Employment Insurance Financial Support in the case of an employee losing their employment? Choose the best answer.

		Employee leaves employment for 6 months to attend a family reunion in France.
		Employee is ask to leave company due to attending meetings late and not prepared for meetings every day.
		Employee leaves the employment , without permission, to attend Seneca College for the next 10 years.
		Employee is laid off, because younger employees are more skilled at customer service.

2.

BC Company started their business on January 1, 2021. ABC Company had two employees in the year 2020: Jane and Larry. The payroll is run semi-monthly.

Larry estimates that his 2021 net income will be $10,000 for TD-1 purposes.

Assume Jane and Larry work the entire period from January 1 to December 31, 2021 or 12 month.

The following payroll data was provided for Jane and Larry:

	Jane(80 yrs. old)	Larry(75 yrs. Old and Disabled)
Annual Salary	$24,000	$48,000
Income tax Deducted for the entire year:	$2,000	$10,000
Spouse		60 years old Estimated Net Income: $50,000
	No Children	No Children
Tuition	none	$2,000, Seneca Part Time 4 months.
Private Pension Income from Sun Life Assurance.	none	Estimated, $5,000 per year (Pension Income)
Registered Pension Plan (RPP) Deduction	$1,000 per year	$5,000 per year

With regards the this year's Company's T4 SUMMARY for all employees, the following choice is the most accurate/correct?

		Box 14 is $48,000 Box 88 is 2 Box 20 is $6,000 Box 27 is $0
		Box 14 is $72,000 Box 88 is 2 Box 20 is $6,000 Box 27 is $0
		Box 14 is $72,000 Box 88 is 2 Box 20 is $6,000 Box 27 is $1,077
		Box 14 is $72,000 Box 88 is 2 Box 20 is $5,000 Box 27 is $0

3.

An Ontario Sport Store selling Taxable Products provides you that the following HST Included Financial information for this month:

Retail Store in Toronto. Shirts and shorts	$1,200
Sale to Bloomingdales in New York, USA, shirts.	$2,000
Bad debt Recovery, this periodOntario retail customer sales last month. shirts. (Customer confirms and pays the bad debt from previous period)	20% of $10,000 of Revenue including HST sold last month and was recognized as bad debt for HST purposes, 6 months ago.
Telephone Expense	$50

The Bad Debt Recovery Journal Entry dollar Amount to HST Payable, rounded to the nearest dollar for this month will be?