In accordance with Russian legislation, each organization has the right to create a reserve for the payment of vacations. Thanks to this, the company can make income tax deductions more even during the peak vacation period.
Instructions
Step 1
By creating a reserve for the payment of vacations, the company reduces the taxable base for income tax, which means, in fact, receives a loan from the state. However, the benefits of creating a reserve will be tangible only for large companies with high labor costs. The formation of such a reserve in small firms will only bring additional worries to the accountant.
Step 2
If your enterprise decides to create a reserve, this must be reflected in the posted policy. In addition, you need to determine the method of reservation, the maximum amount of deductions, the monthly percentage of deductions to the specified reserve.
Step 3
In order to calculate the amount of deductions to the reserve for the month, it is necessary to determine the percentage of deductions to the reserve. It is found as the ratio of the estimated annual cost of vacation and the estimated annual cost of labor.
Step 4
The amount of deductions to the reserve for the payment of vacations will be determined as the product of the estimated amount of expenses for wages in the current month and the percentage of deductions to the reserve. The estimated amount of vacation expenses should include the unified social tax minus contributions for compulsory pension insurance.
Step 5
Expenses for the formation of a reserve for the payment of vacations are charged to the accounts for accounting for expenses for labor remuneration. In this case, the reserve should be adjusted based on the number of days of unused leave by employees, the average daily amount of labor costs and deductions of the unified social tax.
Step 6
In the event that the enterprise decides to cancel the formation of the reserve in the next year, its available balance, revealed at the end of the year based on the results of the inventory, is included in non-operating expenses.
Step 7
The unused amounts of the reserve in the current tax period are subject to inclusion in the tax base of this period.
