Chp 2 - Federal Remittances & Recs Flashcards
1
Q
Define CRA quarterly remitters
A
- new employers < $1,000
- perfect payroll & tax compliance
- employers > $3,000
2
Q
Define CRA regular remiters
A
$3,000 - 24,999.99
3
Q
Define CRA accelerated threshold 1 remitters
A
$25,000 - 99,999.99
4
Q
Define CRA accelerated threshold 2 remitters
A
> $100,000
5
Q
CRA quarterly remitter schedule
A
15th of the month AFTER the quarter
6
Q
CRA regular remitter schedule
A
1st to EOM is the 15th of the following month
7
Q
CRA accelerated threshold 1 remitter schedule
A
- 1st - 15th is the 25th of the SAME month
- 16th - EOM is 10th of the FOLLOWING month
8
Q
CRA accelerated threshold 2 remitter schedule
A
3 business days from the last day in each weekly pay period
9
Q
CRA late remittance penalties
A
- 3% for up to 3 days
- 5% for 4-5 days
- 7% for 6-7 days
- 10% for 8+ days
10
Q
Which remitter types use the PD7A?
A
Quarterly & regular
11
Q
Which remitter types use the PD7A(TM)
A
Accelerated threshold 1 & 2
12
Q
What is the the PD7A-RB?
A
Remittance voucher for current source deductions
