Question

In: Accounting

Employees in Québec receive both a T4 and a RL-1 information slip. Explain five differences between...

Employees in Québec receive both a T4 and a RL-1 information slip. Explain five differences between the two slips.

Solutions

Expert Solution

Ans : Differences between the two slips are as follows :

* A federal T4 slip will be automatically generated for every employee, however a RL-1 slip will only be displayed if the province of employment is Quebec.

* Data entered for the federal T4 slip will be used to calculate the Quebec RL-1 amounts.

* The RL-1 slip is used mainly for reporting salaries or wages, and any other remuneration that an employee receives but it is not the case with T4 slip.

* The salary or wages or other remuneration must be reported on the RL-1 slip at the time the amount is paid to the individual where as in T4 it does not happen.

* The T4, also known as the Statement of Remuneration Paid, is an information slip that shows how much money an employee earned and how much was withheld and remitted to the Canada Revenue Agency (CRA). It is also the form that your employees use to file their income taxes each year. Where as it is not the case with RL-1 information slip.


Related Solutions

Explain five differences between a fork and thread
Explain five differences between a fork and thread
List the differences between deformation by twinning and deformation by slip in terms of (a) mechanism,...
List the differences between deformation by twinning and deformation by slip in terms of (a) mechanism, (b) condition of occurrence and (c) consequences. Any reasonable answer is accepted. Limit your answer to 25 words for each difference.
1. Explain FIVE functional differences between commercial and commercial banks investment bank.
1. Explain FIVE functional differences between commercial and commercial banks investment bank.
Employees from Company A and Company B both receive annual bonuses. What information would you need...
Employees from Company A and Company B both receive annual bonuses. What information would you need to test the claim that the difference in annual bonuses is greater than $100 at the 0.05 level of significance? Write out the hypothesis and explain the testing procedure.
Explain FIVE differences between a financial statement and an internal audit engagement.
Explain FIVE differences between a financial statement and an internal audit engagement.
Stark Company has five employees. Employees paid by the hour receive a $11 per hour pay...
Stark Company has five employees. Employees paid by the hour receive a $11 per hour pay rate for the regular 40-hour workweek plus one and one-half times the hourly rate for each overtime hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are...
Stark Company has five employees. Employees paid by the hour receive a $11 per hour pay...
Stark Company has five employees. Employees paid by the hour receive a $11 per hour pay rate for the regular 40-hour workweek plus one and one-half times the hourly rate for each overtime hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are...
Stark Company has five employees. Employees paid by the hour receive a $12 per hour pay...
Stark Company has five employees. Employees paid by the hour receive a $12 per hour pay rate for the regular 40-hour workweek plus one and one-half times the hourly rate for each overtime hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are...
Stark Company has five employees. Employees paid by the hour receive a $14 per hour pay...
Stark Company has five employees. Employees paid by the hour receive a $14 per hour pay rate for the regular 40-hour workweek plus one and one-half times the hourly rate for each overtime hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are...
Thoroughly the differences between employees and independent contractors
Thoroughly the differences between employees and independent contractors
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT