If Historical Payroll Deduction Data Is Not Entered You Will

question 22

Multiple Choice

If historical payroll deduction data is not entered you will -

• A) allow tracking of year-to-date income
• B) not be able to track year-to-date deductions
• C) affect the current earnings and deductions
• D) allow proper T4 statement information

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Definitions:

Corporation

An independent legal entity owned by shareholders, with the distinct capability to own assets, incur liabilities, and conduct business in its own name.

Tax-Deductible Expense

An expense that can be subtracted from gross income to reduce taxable income.

Corporation

A legal entity that is separate and distinct from its owners, who are known as shareholders.

Bonds

Long-term debt securities issued by corporations or governments to finance operations, projects, or other capital needs, paying periodic interest and the principal amount at maturity.