An employee earns $20 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $253. a. Determine the gross pay for the week. b. Determine the net pay for the week. Round your answer to two decimal places. A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $72,600. Journalize the adjusting entry required on January 31 , the end of the first month of the current year, to record the accrued vacation pay. If an amount box does not require an entry, leave it blank. b. How is the vacation pay reported on the company's balance sheet? When is this amount removed from the company's balance sheet