4. Employee Compensation Record, 5. Annual Summary, and 6. Depreciation Worksheet

Summary: These are examples of the recordkeeping that was done as pertains to the sample in the text. They contain the following information:

4. Employee Compensation Record

Pay Period EndingDate PaidSMTWTFSMTWTFSTotal Regular HoursOvertimeRegular RateOvertime RateTotalSocial SecurityMedicareFederal Income TaxState Income TaxNet Pay
1-11-4 5 555 5 546 40 $6.50 $260.00$16.12$3.77$20.00$6.00$214.11
1-151-18 44444243443 40 $6.50 $260.00$16.12$3.77$20.00$6.00$214.11
               80   $520.00$32.24$7.54$40.00$12.00$428.22
   QUARTERLY TOTALS  $1,262.40$78.23$18.31$100.00$30.00$1,035.86             

5. Annual Summary

MonthCash ReceiptsMaterials/ SuppliesGross PayrollF.I.C.A. TaxesBank ChargesElectricInterestInsuranceRentTelephonesTruck/ AutoAdvertisingOffice ExpensesTaxes/ LicensesMiscellaneous
January$4,865.05$1,083.50$520.00$39.78$10.00$175.30$18.09 $300.00$27.00$45.00$85.00$36.00$100.00$2.00
February$3,478.32874.93235.4017.687.50153.1018.09210.00300.0021.5028.50    
March3,942.00724.90507.0038.0811.25145.8118.09 300.0032.1051.30    
December3,656.52609.23520.0039.7810.00169.0018.09 300.0023.1337.62 4.00 71.91
TOTALS$47,440.95$10,001.00$5,434.00$408.09$92.30$1,642.37$217.08$420.00$3,600.00$324.09$571.46$85.00$40.00$218.00$344.00

6. Depreciation Worksheet

Description of PropertyDate Placed in ServiceCost or Other BasisBusiness/ Investment Use %Section 179 Deduction and Special AllowanceDepreciation Prior YearsBasis for DepreciationMethod/ ConventionRecovery PeriodRate or Table %Depreciation Deduction
Used Equipment--Transmission Jack1-33,000100%  3,000200 D.B./H.Y.714.29%$429
Used Pickup Truck1-38,000100%  8,000200 D.B/H.Y.520%1,600
Used Heavy Duty Tow Truck1-330,000100%  30,000200 D.B./H.Y.520%6,000
Used Equipment--Engine Hoist1-34,000100%  4,000200 D.B./H.Y.714.29%572
          $8,601

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