0
If the provident fund administrator returns contributions does the employer then refund both the employee and employer contributions to the employee?
Wiki User
∙ 10y ago
Yes.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What journal entry for provident fund?
To record employee contributions to the provident fund: Debit Provident Fund Expense and Credit Employee Contribution Payable. To record employer contributions: Debit Provident Fund Expense and Credit Employer Contribution Payable.
Is Provident fund deposited as two cheques?
No, I dont think so. Though there are two contributions (Employee + Employer) the money will be deposited in one shot
Is employee provident fund liability of employer?
Yes, It is a legal obligation of the employer.
How do you maintain our Employee Provident Fund record?
The Employee Provident Fund record is maintained by the EPF Organization and a copy of the latest statement will be provided to both the employee and employer as requested
What is the percentage of employer's contribution to provident fund on employee's basic?
It is 12% of your Basic Salary
The employee contributions to medicare are limited on an annual basis?
Employee and employer Medicare contributions are fixed on an annual basis.
Provident fund contributed by employer will be added or subtracted from net income?
For the employee - it will be added to his/her net income For the employer - it will be subtracted from their net income
Can a pvt limited company hold the provident fund of an employee after resignation?
No. After an employee resigns, the money has to be either paid out to the employee or transferred to his new employer - as per the request of the employee
How do you write a letter to PF Commissioner regarding show cause notice to employer for employee PF Claiming?
The Provident Fund Commissioner requires the use of special forms to show cause in the notice to employer for employee Provident Fund claiming. The form is available at the PFC office.
Whether ctc included employee pf and employer pf?
Yes. CTC includes both Employee and Employer PF contributions
How much your new employer can deduct for employee provident fund for partial month working?
PF contributions depends on you basic salary. Eg. if you have worked for 15 days , then on 15 days basic, your pf contribution will be calculated i.e 13.61%of basic .
What is the journal entry for Provident fund in accounts?
Salary a/c Dr. To employee a/c To ppf a/c ppf a/c (employer)Dr ppf a/c (employee)Dr To bank a/c
