Taxes play a huge role in the activities of the company. They are present at almost all stages of production. Each of the taxes must be reflected in the accounting activities of the company, like any financial transaction. There are also certain fields / fill lines for them. In order to calculate the amount of tax on profit of an enterprise or organization, you must perform the following steps.
Instructions
Step 1
Record income tax in accounting, it will help you track both taxes and income. Timely entry in the prescribed line must be made regularly for the correct financial functioning of the organization.
Step 2
Calculate the tax on accounting income first. You can also often find these calculations under the title Contingent Income Tax expense / income. This is done in order to calculate the amount to which the tax will be directed. There, the main aspect of taxation comes to light - the profit received by the company. But when calculating the tax, it is also important not to forget that you need to take the amount of profit minus the cost of producing a particular product or service. The amount of expenses is determined in accordance with Chapter 25 of the Tax Code of the Russian Federation.
Step 3
Make postings based on the results of the reporting period. The reporting period in this area is the calendar year. First posting Debit 99 subaccount "Conditional expense (income) for income tax" Credit 68 - conditional expense for income tax has been charged or instead Debit 68, Credit 99 subaccount "Conditional expense (income) for income tax" - conditional income has been charged for income tax. This will aggregate all amounts to find the reported total.
Step 4
Determine the amount of tax based on the tax base. Almost every company is charged income tax. To find out which firms and organizations are included in this list, use clause 1 of article 289 and article 246 of the Tax Code of the Russian Federation. When accounting and reporting in the financial sector, organizations and enterprises must have declarations that all organizations are required to submit, even those who are not required to pay income tax.
Step 5
Calculate the amount of net profit, that is, the one that does not already contain any production, advertising and sales costs. And in accordance with the Tax Code, calculate the tax percentage for this amount. This will be the corporate income tax.
