How do you account for social security late payments?

The tax law stipulates that the calculation of late payment is payable as late payment = taxable amount × days × 0.05%.

So enterprises in the occurrence of late payment of financial transactions, to clarify the account should belong to which account, the general processing method will be accounted for in the "non-operating expenditures" account, late payment is the nature of the penalty expenditure.

Late fees exceed the prescribed payment period, to the payer of a punitive nature of the money levied, generally more than the prescribed period of days, every day, a certain percentage of the amount payable.

Accounting entries are as follows:

1. Debit: non-operating expenses - tax late payment

? Credit: Bank Deposit

2. When you make up for the late payment, you can directly

Borrow: Adjustment of Prior Years' Profit and Loss

Credit: Bank Deposit

Expanded Information

Conditions for Payment of Late Taxes

1. Failure to pay the tax in accordance with the provisions of the law.

2, underpayment of tax due to taxpayers, withholding agents miscalculation and other errors.

3. Tax evasion.

4. Failure to make a tax declaration, non-payment or underpayment of tax due.

5, tax arrears.

6, tax resistance.

Baidu Encyclopedia - Non-Operating Expenses