Well the black you see is the urathane itself so all of the paint is gone. Since it is only a 1/4" in size I would use touch up paint. Don't worry about it being thick. Then use 1000 grit and 2000 grit sand paper to smooth it out. The scratch remover, wax and buff. When finished you may see the work you did upclose but that is it. Total cost of materials should be less than $10.00. As far as removing old wax, don't waste money on wax removers. Dawn dishwashing detergent is the the best to use at removing wax. Most wax manufacturers will tell you to use it, well, unless they make their own product to remove wax, then ofcourse they try to tell you to buy that instead.