Third-party payment of social security accounting entries

Enterprises pay wages, for the convenience of employees, will give priority to the deduction of social security, taxes and other costs that need to be paid, so the enterprise withholding social security accounting entries how to do?

Accounting entries for social security withholding and payment

1. Payment:

Borrow: Employee Compensation Payable-Social Insurance Premiums (Unit portion)

Other Accounts Receivable-Social Insurance Premiums (Individual portion)

Credit: Bank Deposit

2, When making accruals:

Borrow: Administrative Expenses - Social Insurance Premiums (Unit Part)

Credit: Remuneration Payable to Employees - Social Insurance Premiums (Unit Part)

3. When paying wages:

Borrow: Remuneration Payable to Employees - Wages (Payable)

Credit: Other Receivables


Social Security Premiums (Individual Portion)

Cash on Hand (Actual)

What does social security include?

Social security includes pension insurance, work injury insurance, medical insurance, maternity insurance, unemployment insurance; social security contribution ratio consists of individual contributions and unit contributions, social security payment amount is different in each region, the base is based on the gross salary as the base. As the pension, work injury, medical care, maternity, unemployment and other social security of the five major types of insurance contribution base and entitlement compensation base are linked to the previous year's average salary of on-the-job workers, therefore, the average wage level, will bring about an adjustment of the various types of social security insurance.

How to make accounting entries for withholding tax?

Withholding of wages:

Borrow: Administrative expenses

Credit: Employee compensation payable

Payment of wages:

Borrow: Employee compensation payable

Credit: Bank deposits/cash on hand

Taxes payable - Individual Income Tax payable

Payment of taxes:

Credit:Bank Deposit