How to make accounting entries for the provision of additional education fees?
Borrow: taxes and surcharges
Loan: tax payable-surcharge for education payable
Taxes payable-local education surcharge payable
When actually paid:
Borrow: taxes payable-education surcharge payable
Taxes payable-local education surcharge payable
Loans: bank deposits
Profits carried forward from the end of the period to this year
Debit: this year's profit
Credits: taxes and surcharges
Education surcharge is a kind of surcharge levied on units and individuals who pay value-added tax and consumption tax. Its role is to develop local education and expand the sources of local education funds.
The payer is the unit and individual who pays the value-added tax and consumption tax, and is the additional payer of the education fee (hereinafter referred to as the payer). Units and individuals that levy value-added tax and consumption tax are also obligors to levy additional education fees. For agriculture and township enterprises, the township people's government shall levy additional education fees in rural areas, and shall not levy additional education fees.
Calculation method of education surcharge
Additional calculation formula for education expenses:
Education surcharge = (actually paid value-added tax+consumption tax) ×3%
Local education surcharge = (actually paid value-added tax+consumption tax) ×2%
VAT calculation formula:
General taxpayer:
The calculation formula is: tax payable = current output tax-current input tax.
Output tax = sales × tax rate
Sales = sales including tax ÷( 1+ tax rate)
Small-scale taxpayers:
Taxable amount = sales × collection rate
Sales = sales including tax ÷( 1+ collection rate)
Consumption tax calculation formula:
Ad valorem levy (proportional tax rate): tax payable = sales (the price of similar consumer goods constitutes taxable value) × consumption tax proportional tax rate.
Specific tax (fixed tax rate): tax payable = sales quantity (allocated quantity, delivered quantity and imported quantity) × unit tax.