Bill Smiths weekly gross earnings for the week ending Dec. 27 were $2,500, and her federal income tax withholding was $225, state income tax withholding was $75. Assuming the social security rate is 6.2% and Medicare is 1.45% of all earnings. (15 points) Question 1: What is Smith's net pay? Round your answer to two decimal places. (10 points, filling blank 4 points, procedure 6 points) Net Pay = Calculation Procedure: Question 2: Please record the companys payroll expense journal entry on Dec 27th. (Note: this payroll was not paid yet) (5 points) Date Account Name Debit Credit