Calculations of #salary_and_salary
In addition to the fixed salary, benefits are usually added to the personnel salary and deductions are deducted from it. The tax is equal to 7% for the insured, which is deducted from his salary at the time of calculating the salary, and it is equal to 23% for the employer.
The equation of the salary document
First, we must calculate the basic salary or functional salary
Daily wage * number of working days = working salary
Then we calculate the overtime at the beginning for the wage of 1 hour of work
8 hours of work / one day’s wages = wages of 1 hour of work
According to the labor law, the overtime rate is 40%, so it is multiplied by 1.4, as a result, we have:
Wage for 1 hour * 1.4 = hourly overtime rate
Hourly overtime rate * Number of overtime hours = Super overtime
Insurance calculation
The benefits included in the insurance include working wages, overtime wages, housing allowances, cash allowances.
Note that child rights are not covered by insurance.
(sum of all insured benefits) working salary + overtime salary + housing allowance + cash bonus = salary and benefits covered by insurance
Salaries and benefits covered by insurance * 7% = Salaries and benefits of the insured share
Salaries and benefits covered by insurance * 23% = Salaries and benefits of the employer’s share
The salary and benefits of the insured share must be deducted from the individual’s salary.
tax
At first, we calculate the sum of taxable salaries and benefits, which includes employment rights, housing rights, allowances, overtime and children’s rights.
Salary and employment + housing allowance + allowance + overtime + children’s allowance = sum of taxable salaries and benefits
Compare the result with the tax table that is provided annually to accountants to determine whether a person is subject to tax or not. If it was taxable, we will deduct the tax-exempt part from the salary and calculate the remaining amount as tax at the rate of 10% and deduct it from the salary.
Amount of taxable salary*10%
Net payable
Sum of salary and benefits – (insured share premium + tax) = net salary and benefits paid
In any business, depending on the nature of the work, this equation may have differences in details, but in general, it includes the above.
Registration of accounting document
on the debtor’s side
Determination of salary expenses
Determine the employer’s contribution insurance cost
on the creditor’s side
The amount of insurance payable includes 7% of the insured and 23% of the employer
Determine the tax payable
Moin employees for salaries and benefits
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