Accounting treatment of wages, social security, provident fund and individual tax

1) Salary accrual:

Debit: Overhead-Salary

Sales expenses-salary

Production cost-direct labor

Manufacturing cost-salary

Loans: Payables-Payables (Payables)

2) Providing social security: the part undertaken by the company.

Borrow: management fee-social security fee

Sales expenses-social insurance premium

Production cost-direct labor

Manufacturing cost-social security fee

Loan: Payable wages to employees-social security (company share)

3) Withdrawal of common reserve fund: the part undertaken by the company.

Borrow: management fee-provident fund

Selling expenses-accumulation fund

Production cost-direct labor

Manufacturing cost accumulation fund

Loan: Salary payable to employees-common reserve fund (part undertaken by the company)

2. When paying wages:

Debit: Payable-Salary → Payable Amount

Loan: other payables-social security (to be paid to the bank next month, deducted first) → deduction.

Taxes payable-personal income tax payable → deduction

bank deposit

→ The quantity actually issued

3. When paying social insurance:

Borrow: Payable staff salary-social insurance premium (the company bears part).

Other payables-social security fee (personal part)

Loans: bank deposits

4. When paying the provident fund:

Borrow: Payable to employees-provident fund (the part undertaken by the company)

Other payables-accumulation fund (single item)

Loans: bank deposits