Tax Help Archives  
>
                
		      <map name=


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. 

Name: John E. Marks
Address: 1 Elm Street, Anytown, New Jersey 07101
Phone: 555-6075
Part Time checkbox checked
Social Security Number: 567-00-8901
Date of Birth: 12-21-65
Number of Exemptions: 1/single
Pay Period Ending Date Paid S M T W T F S M T W T F S Total Regular Hours Overtime Regular Rate Overtime Rate Total Social Security Medicare Federal Income Tax State Income Tax Net Pay
1-1 1-4   5   5 5 5   5   5 4 6   40   $6.50   $260.00 $16.12 $3.77 $20.00 $6.00 $214.11
1-15 1-18   4 4 4 4 4 2 4 3 4 4 3   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. 

Month Cash Receipts Materials/ Supplies Gross Payroll F.I.C.A. Taxes Bank Charges Electric Interest Insurance Rent Telephones Truck/ Auto Advertising Office Expenses Taxes/ Licenses Miscellaneous
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 $3,478.32 874.93 235.40 17.68 7.50 153.10 18.09 210.00 300.00 21.50 28.50        
March 3,942.00 724.90 507.00 38.08 11.25 145.81 18.09   300.00 32.10 51.30        
December 3,656.52 609.23 520.00 39.78 10.00 169.00 18.09   300.00 23.13 37.62   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 Property Date Placed in Service Cost or Other Basis Business/ Investment Use % Section 179 Deduction and Special Allowance Depreciation Prior Years Basis for Depreciation Method/ Convention Recovery Period Rate or Table % Depreciation Deduction
Used Equipment--Transmission Jack 1-3 3,000 100%     3,000 200 D.B./H.Y. 7 14.29% $429
Used Pickup Truck 1-3 8,000 100%     8,000 200 D.B/H.Y. 5 20% 1,600
Used Heavy Duty Tow Truck 1-3 30,000 100%     30,000 200 D.B./H.Y. 5 20% 6,000
Used Equipment--Engine Hoist 1-3 4,000 100%     4,000 200 D.B./H.Y. 7 14.29% 572
                    $8,601