Here is a step by step tutorial on how to remove the rear wheel from the Honda cb550 with Video
1) First you will need to remove both of the rear shocks from the back of the bike. There is one bolt holding it on the top connected to the frame and then there will be another bolt on the bottom connected to the swing arm
2) Next you will need to remove the one bolt holding the rear linkage for the break.
3) You will next remove the wheal tensioners on both sides there are 2 bolts on each side. So there is a tension bolt on the side and a lock down bolt on top. Both of those need to be removed so the tensioner can pivot down. Then pivot both of the tensioners down.
4) Next you will have to remove the axle screws on both sides of the rear wheel.
5) Then you will need to take the chain of from the teeth.
6) And lastly you need to remove the rod that is holding the break drum.