Business tax accounting entries, how to account for business tax?

Withholding: Borrow: Principal Business Tax and Additional Business Tax.

Urban construction tax. Educational fee surcharge.

Local education fee surcharge.

Price Adjustment**. Credit: Taxes Payable Business Tax.

Urban construction tax. Educational fee surcharge.

Other taxes payable Local education fee surcharge.

Price Adjustment**. Borrow: Administrative Expenses Stamp Duty.

Land Appreciation Tax.

Credit: Taxes Payable Stamp Duty.

Land Appreciation Tax.

When paying taxes: debit: taxes payable business tax.

Urban construction tax. Educational fee surcharge.

Stamp duty. Land Appreciation Tax.

Other taxes payable Local education fee surcharge.

Price Adjustment**. Credit: Bank deposits.

At the end of the month: Borrow: profit for the current year.

Credit: Principal business tax and surcharge.

Management fees.

Business tax accounting entries are booked in two steps:

The first step is to accrue business tax.

Borrow: Business tax and surcharge.

Credit: Tax Payable - Business Tax Payable.

The second step is to pay the sales tax.

Debit: Tax Payable - Sales Tax Payable.

Credit: Bank deposits.

Business tax is a tax levied on the turnover of units and individuals who raise taxes on services, transfer intangible assets or sell immovable property within the territory of China. Business tax is one of the main taxes in the turnover tax system. On November 17, 2011, the Ministry of Finance and the State Administration of Taxation officially announced the pilot plan for replacing business tax with value-added tax.

The accounting entries for business tax are:

Every time income is determined.

Debit: Bank Deposits, Accounts Receivable.

Credit: main business income.

At the end of the month, when calculating the business tax based on the total monthly income.

Borrow: Business tax and surcharge.

Borrow. Tax Payable – Sales tax payable.

Since the income of business tax is the income included in the price, that is, the business tax cannot be excluded from the amount of income, the income should be determined in full according to the invoice amount when determining the income.

Accrual: Borrow: Principal business tax and surcharge.

Credit: Tax Payable - Business Tax Payable.

When paying taxes:

Debit: Tax Payable - Sales Tax Payable.

Credit: Bank deposits.

When the business tax is accounted for or entries, the business tax and surcharge can be recorded.

Accounting Entries: Accrual:

Borrow: Business tax and surcharge.

Credit: Tax Payable - Business Tax Payable.

Borrow: Sales Tax Payable - Sales Tax Payable.

Credit: Bank deposits or cash on hand.

It should be noted that the occurrence of business tax will generate taxes and fees such as urban construction tax, education surcharge, and local education surcharge, as follows:

Accrual: Borrow: Business Tax and Surcharge.

Credit: Taxes payable - urban construction tax payable - education surcharge payable - local education surcharge payable.

Payment: Borrow: Taxes payable - urban construction tax payable - education surcharge payable - local education surcharge payable.

Credit: Bank deposits or cash deposits.

1. The amount of income from invoicing x 5% = business tax.

Borrow: Business tax and surcharge.

Credit: Tax Payable - Business Tax Payable.

Business tax is not deductible, and there is no input tax and output tax.

2. At the same time, the business tax must also pay various surcharges, and the business tax and surcharge shall be calculated.

1. When accruing:

Borrow: Business tax and surcharge.

Credit: Tax Payable - Business Tax Payable.

Credit: Tax Payable - Urban Construction Tax Payable.

Credit: Other Payables - Education Surcharge.

2. When paying:

Borrow: Tax Payable - Business Tax Payable.

Borrow: Tax payable - urban construction tax payable.

Borrow: Other Contributions Payable - Education Fee Surcharge.

Credit: Bank deposits.

It's a two-step process. 1. Accrual.

Borrow: Sales Tax and Surcharge - Sales Tax.

Credit: Tax Payable - Business Tax Payable.

2. Turn it in. Debit: Tax Payable - Sales Tax Payable.

Credit: Bank deposits.

At the time of accrual. Borrow: Business tax and surcharge.

Credit: Tax Payable - Business Tax Payable.

When paying, borrow; Tax Payable – Sales tax payable.

Credit: Bank deposits.

How to do personal business income tax accounting entries?

Accounting entries for individual industrial and commercial households to pay individual income tax: accrual: borrow: tax expenses of the grandson's hand, credit: tax payable--- individual income tax payable to individual industrial and commercial households.

Payment: Borrow: tax payable--- individual business payable to pay individual income tax, credit: bank deposit.

Article 9 of the Individual Income Tax Law has such a clause:

The tax payable on the production and business income of individual industrial and commercial households shall be calculated on an annual basis and paid in advance on a monthly basis, with the taxpayer prepaid within 15 days of the following month, and shall be settled within three months after the end of the year.

The production and business income of individual industrial and commercial households and the application of 5 levels of progressive tax rate to enterprises and institutions. The annual taxable income of individual industrial and commercial households and the annual taxable income of contracted and leased operations of enterprises and institutions are divided into five levels, with the lowest level being 5% and the highest level being 35%.

Therefore, the law stipulates that the individual income tax items of individual industrial and commercial households need to be declared every month and paid in advance within the 15th day of the following month. The monthly declaration is the same as the five-level progressive tax rate calculation on the annual basis, because the tax payable can be calculated according to the corresponding tax rate of the accumulated taxable income and tax rate table in each month, and at the end of the year, it is the cumulative number of 12 months (the whole year). Of course, the tax payable calculated in the current month should be deducted from the accumulated amount paid before this month, which is the actual tax payable in the current month.

Accounting entries for tax payments are usually debited to the Tax account and credited to the Bank Deposit account. Here's a simple example:

Let's say a company sells a lot of goods and receives $10,000 from a customer and is subject to sales and income taxes.

The accounting entries are as follows:

Debit: $10,000 for cash account

Credit: $500 in sales tax expense account

Credit: Income tax expense account $2,000

Credit: $7,500 in sales revenue account

Explanation: Sales tax expense and income tax expense are the two types of taxes. The sales tax expense is a tax fee calculated based on the amount of sales or services spent, and the sales commission and other discounts are deducted at the time of filing, in this case 5% of the purchase price.

Income tax expense is the tax payable on the net profit of a business for a certain period, in this case 20% of the sales revenue.

The sales revenue account records the company's income from the sale of goods, and the cash account is the account that receives the payment, and the two accounts can be relative in the accounting treatment. The tax portion is reflected on the credit side in the form of a fee.