How to do the accounting entries of social security withholding?

When enterprises pay wages, in order to facilitate employees, they will give priority to deducting social security, taxes and other expenses that need to be paid. So how do enterprises withhold social security accounting entries?

Accounting entries withheld and remitted by social security

1. When paying:

Debit: Employee Payable-Social Insurance Fee (unit part)

Other receivables-social insurance premium (personal part)

Loans: bank deposits

2. When drawing:

Borrow: management fee-social insurance fee (unit part)

Loan: wages payable to employees-social insurance premium (unit part)

3. When paying wages:

Debit: Payables-Payables (Payables)

Loan: other receivables-social insurance premium (personal part)

Cash on hand (actually released)

What does social security include?

Social security includes endowment insurance, industrial injury insurance, medical insurance, maternity insurance and unemployment insurance; The proportion of social security contributions consists of individual contributions and unit contributions. The provisions of social security contributions vary from region to region, and the base is the total wages. Because the payment base and compensation base of the five major social insurance types, such as pension, work injury, medical care, maternity and unemployment, are linked to the average salary of employees on the job last year, the increase of the average salary level will bring about the adjustment of various social insurance types.

How to do the accounting entries of withholding income tax?

Accrued wages:

Borrow: management fee

Loan: wages payable to employees.

Pay wages:

Debit: payable to employees.

Loan: bank deposit/cash on hand.

Taxes payable-personal income tax payable

Pay taxes:

Borrow: taxes payable-personal income tax payable

Loans: bank deposits