How to make accounting entries for withholding five insurances and one gold and personal income tax?

Now many enterprises will buy "five insurances and one gold" for their employees. Many accountants don't know how to handle the corresponding accounts when dealing with this matter. The following deep space network will answer your questions.

What are five insurances and one gold?

Five insurances and one gold refer to several kinds of security benefits provided to workers by employers, including endowment insurance, medical insurance, unemployment insurance, work injury insurance, maternity insurance and housing accumulation fund. Personal income tax is the general name of legal norms that adjust the social relationship between tax authorities and natural persons (residents and non-residents) in the process of personal income tax collection and management.

Accounting treatment of withholding five insurances and one gold and personal income tax;

Cumulative time:

Borrow: production costs, management expenses, etc.

Loans: Payables to Employees-Social Insurance Units

Salary payable to employees-unit part of housing provident fund

Personal part of social insurance premiums and housing provident fund deducted from wages:

Debit: payables-wages and salaries

Loans: bank deposits

Taxes payable-personal income tax

Payable employee salary-personal part of social insurance premium

Employees Payable-Personal Part of Housing Provident Fund

When paying five insurances and one gold:

Debit: Payable staff and workers-part of social insurance unit

Salary payable to employees-unit part of housing provident fund

Payable employee salary-personal part of social insurance premium

Employees Payable-Personal Part of Housing Provident Fund

Loans: bank deposits

According to the regulations, social insurance premiums and housing accumulation funds paid by enterprises for employees, such as medical insurance premiums, work-related injury insurance premiums and maternity insurance premiums, should be calculated and determined according to the prescribed accrual basis and accrual ratio during the accounting period when employees provide services, and the corresponding liabilities should be recognized and included in the current profits and losses or related asset costs.