Record Keeping B Agribusiness Farmers and Land Record Keeping ...

Instructions for Filling out Income and Social Security Taxes Paid during the YearThe entries here are self explanatory. The form is divided into two main parts: income taxes andSocial Security taxes. The section for social Security taxes is divided in to two, for yourself andfor hired labor. In addition to date and amount in the hired labor section, enter name and socialsecurity number of the hired labor.At the end of the year, add the amount and enter the totals as indicated. Transfer the totals to thelast column of the projected and actual budget on page 4 headed “Actual totals for this year” Theentry in the item’s column of the projected budget should read: (1) Income tax paid, (2) SelfSocial Security tax paid, and (3) Hired labor social security taxes paid. In order to conservespace, you can add two social security taxes together (that is yourself and for hired labor) andenter it as one sum against Social Security taxes paid.- 78 -