Is it necessary to withdraw enterprise income tax?
Enterprise income tax is the income tax levied on the production and operation income and other income of Chinese enterprises and other organizations with income. Enterprise income tax is accrued and paid according to the proportion of enterprise profits or income, generally once every quarter. According to the requirements of accrual basis, enterprises should make provision at the end of the quarter and pay at the beginning of the next quarter. Accrued entries are as follows:
Debit: income tax expense
Loan: tax payable-enterprise income tax payable
Income tax expense refers to the income tax payable on the operating profit of an enterprise. "Income tax expense" refers to the income tax borne by the accounting enterprise, which is a profit and loss account; This is generally not equal to the current income tax payable, because there may be "temporary differences." If there is only a permanent difference, it is equal to the income tax payable in the current period.
Income tax expense = current income tax+deferred income tax expense (-deferred income tax income), in which current income tax is current income tax payable, that is, taxable income x income tax rate.
Enterprise income tax rate
Enterprise income tax refers to a tax levied on the net income, income and other income of domestic enterprises or organizations that have obtained taxable income and implemented independent economic accounting. Income tax = taxable income × tax rate (25% or 20%, 15%). If it is a small and micro enterprise, there will be relief. The actual tax rate after reduction and exemption is 10% or 5%.
Calculation method of enterprise income tax
I. Taxable amount
Taxable amount = taxable income × applicable tax rate-tax relief-tax credit
2. Taxable income
1 direct method
Taxable income = total income-non-taxable income-tax-free income-allowable deduction of project amount-allowable compensation for losses in previous years.
According to the relevant provisions of the tax law, if an enterprise suffers losses, it shall deduct non-taxable income, tax-free income and the amount less than zero from the total income of each tax year.
2. Indirect method
Taxable income = accounting profit+tax adjustment increase-tax adjustment decrease