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Which statement about Employee's Income tax is TRUE? A)Remittances of income tax go to Federal Government of Canada. C B) The first federal income tax law became effective in 1914. C)During the Second World War, income taxes were levied to almost all wage eamers. D) Canadian employees pay a flat tax rate of 20% on gross earnings. 2 Which of the following statements about Employee's Wages is FALSE? A) Self-employed individuals pay the employer/employee CPP rate. BEI is an employee financed employment insurance plan. I C)T-4's are given to each employee on or before the last day of February 3 Which of the following statements about Employee's Wages, Hours and Union Contracts is TRUE? A)Employers commonly operate under contracts with their employee's union that provide better terms than employer would otherwise offer B)Employers commonly operate under contracts with their employee's union that provide worse terms than employer would otherwise offer C) All provinces have laws establishing minimum hours of work and minimum pay rates D) All provinces have laws establishing maximum hours of work and maximum pay rates Which of the following statements about the Payroll Register is TRUE? A)Regular pay plus overtime premium pay is the employee's gross pay. B)A payroll bank account is used for paying amounts withheld for taxes C) An Employee's Individual Earnings Record provides a month's summary for an employee. D)Employee's net pay is the employee's gross pay plus total deductions. 5. The employer must pay an amount (or QPP). the sum of the employee's CPP a) Equal to B) twice C)Half D)1.4 times 6. Which of the following is not an external user of Financial info? A. Shareholder B. Customers C. Managers D. Suppliers with few exceptions must make contributions to A. CPP or QPP B. Life insurance C. Old Age Security D. UNICEF 8 Which of the following subsystems are not included in a management information system. Sales and marketing A) Production B) C) Accounting 9 d) None of the above Which of the following is not a primary component within AIS? A. Capital Assets Accounts Payable B) Accounts Receivable Payroll D 10. Taxes are deducted based on wages earned True False 11. You will receive a T4 for 2017 by the latest Feb. 28, 2018 True False 12. Your 2021 Income taxes have to be filed by Feb. 28, 2022 True False 14. Statutory holidays are paid days off on top of your accumulated vacation time. True False 15. The Cash Receipts journal would include the recording of a sale made on credit. True False 16. After Sandra's Pizza determines her Profit before tax for the year 2017, she would include that on her income tax return as part of her total income (assuming she is not incorporated. True False 17. After Sandra's Pizza determines her Profit before tax for the year 2017, she would include that on her income tax return as total income (assuming she is incorporated. True False 18. Customer information that can be used to determine the collectability of an account can be found in the Accounts Payable Ledger A) Schedule of Accounts Payable B) C) Accounts Receivable Subsidiary Ledger d) Schedule of Accounts Receivable 19 Where can you find a listing of each supplier with an outstanding balance? Schedule of Accounts Payable A) Scredule or Accounts Receivable B) Schedule of Accounts Vendors C)