Introduction to Payroll Payroll Simulation Assignment #2 Verification of SIN's and TD1, TD1ON Completion You have been asked to hire and pay the following people at your warehousing Company - SFY INC: Using the Employee Information provided below: 1)Verify the SIN - show calculation and conclude if the SIN provided is Valid or Not Valid 2)Complete the TD1 information for each employee.Record the items they can claim (including dollar amounts) and summarize the Total Claim amount in the box provided.Determine what their claim code number is using the Claim Code Chart. 3)Complete the TD1ON information for each employee. Record the items they can claim (including dollar amounts) and summarize the Total Claim amount in the box provided.Determine what their claim code number is using the Claim Code Chart. 4)List any eligible credits/exemptions that are mentioned but cannot be taken at source (on TD1 or TD1ON) and must be held for tax return. July 20221 of 8
Payroll Simulation Assignment 2 A.John Able: 123 Fawn St. London Ontario, N5X 2P2 Born - May 1, 1987 Full time student 8 months per year (pays tuition of $16,000/yr, plus rents an apartment at $850/mnth) Bank Account: 02230 010 2561257 SIN #: 223-585-928 Hire Date, Job Title and Rate of Pay - Refer to SFY Company Information document SIN verification - Valid/ Not valid: 223 585 928 - check digit =8 Extract last digit (making it 223 589 92) Eract 2,4,6 and 8thdigit = 2,5,9,2 Double each =4+10+10+4 then add together: 4+1+0+1+0+4=10 Add 1,3,5 and 7thdigit= 2+3+8+9=22 Add the result of 4thand 5th step=10+22=32 Round up to next multiple of 10=40 should always match the last # of sin to be valid=40-32 = 8 valid Total Federal Claim Amount: Basic amount $14,398 and Tuition $16,000 Total credits= $30,398 Federal Claim Code Number: 8 Total Provincial Claim Amount: Basic amount=$11,141 Provincial Claim Code Number: 1 Additional Credits/Exemptions owing when tax return is filed: Rent = provincial credit
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