Day 29: Projected Salary Expense and Payroll Taxes Expense
Click On the Link below to see the payroll information for the Inside Slider Company.
Inside Slider Payroll
Examining the numbers show what the salary projections are for this company. A projected income statement must be submitted as part of the business plan proposal.
The total monthly salary expense is $11,783
The table below shows the payroll taxes for Inside Slider for this month. These taxes must be paid on a regular basis to the IRS and Franchise Tax Boards.
Total Payroll Taxes
Look at the projected income statement below to see the placement of these amounts relating to salary. They are underlined.
Inside Slider Food Truck and Catering Company
For the period ending Current Date
COST OF MERCHANDISE SOLD
Total cost of merchandise available for sale
Less: Ending Inventory
Cost of Good Sold
Payroll Taxes Expense
Legal And Accounting
Web Internet Expenses
Day 29: Other Projected Expenses
We need to project other expenses at this time. How much propane will we use? gasoline for the generator? Insurance for the food truck, gas and oil and maintenance on the truck, equipment repairs? amount spent on advertising? You will need to do some research on these expenses. In some cases you will find that these expenses are listed as a percentage of sales. We do not know this amount yet, so you might have to come back and do this a little later. Some of these expenses are listed on the income statement form above.
Repairs expense: $1,000
Propane/supplies expense: $100
Insurance expense: $300
Misc. expense: $100
Webite expense: $20
Fuel expense: $500
Interest on Loan :$526.75
Depreciation expense: $762.49
Depreciation expense is a way of expensing out the cost of assets and goes toward reducing your taxable income. The truck costs 85,000. Depreciated over 10 years using a straight line method and divided by 12 equal amounts equals 708.33 per month. Furniture and fixtures are valued at $1,650 depreciated over 3 years = $550 per year or $45.83 per month. The office equipment depreciated in a straight line method over 3 years equals $8.33 per month. Therefore the total depreciation for our business is $762.49 per month