What is the journal entry for this paid the 2nd half salary of staff P4,500, net of SSS premium w/holding of P300 and Philhealth premium withholding of P200.
Answers
Explanation:
There are many different kinds of payroll deductions and contributions for employers in the Philippines to consider. There is much more required than just applying withholding taxes on salaries!
Successfully applying payroll deductions and contributions can result in happier employees, better staff retention rates and will result in a higher level of overall compliance for the company.
It will also help a business stay out of trouble with the BIR or the Department of Labor and Employment, commonly known as DOLE.
To help, we have outlined below the various types of deductions and contributions that employers in the Philippines must make and how to apply them accurately.
So read on and remember – payroll is an ongoing activity that must be monitored!