Now for instance I'm not using Minutes(x) from the Time library so will that part of the libray code be include in my sketch or not?
Do you know that no method you are using uses Minutes()? If Minutes() is a function, and is never called, it will not be in the hex file produced. If Minutes() is a method, and the class containing it is instanced, then it will be included.
so do those two bits get compiled as well even though there not directly called for?
Yes, they get compiled. No, they do not get linked in. The reported size comes from the linker, not the compiler.