Complete this question by entering your answers in the tabs below. What amounts will Old Town report on the Year 1 W-2s for each employee? (Do not round intermediate calculations.) Old Town Entertaimment has two employees in Yeor 1. Cloy eorns $3,600 per month, and Philip, the manoger, earns $10,700 per month. Neither is paid extra for working overtime. Assume the Social Security tax rate is 6 percent on the first $130,000 of earnings and the Medicare tax rate is 15 percent on all earnings. The fedecal income tax withholding is 15 percent of gross earnings for Cloy and 21 percent for Philip. Both Cloy and Philp hove been employed all year. Required a. Calculste the net pay for both Clay and Philip for March. b. Calculse the net pay for both Clay and Philip for Decembec c. Is the net pay the same in March and December for both employees? d. Whot amounts will Oid Town repont on the Yeac 1W2s for eoch employee? Complete this question by entering your answers in the tabs below. Calculate the net pay for both Clay and Philip for March. Calculate the net pay for both Clay and Philip for December. (Do not round internediate calculations and round your answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Is the net pay the same in March and December for both employees? Is the net pay the same in March and December for both employees? Complete this question by entering your answers in the tabs below. What amounts will Old Town report on the Year 1 W-2s for each employee? (Do not round intermediate calculations.) Old Town Entertaimment has two employees in Yeor 1. Cloy eorns $3,600 per month, and Philip, the manoger, earns $10,700 per month. Neither is paid extra for working overtime. Assume the Social Security tax rate is 6 percent on the first $130,000 of earnings and the Medicare tax rate is 15 percent on all earnings. The fedecal income tax withholding is 15 percent of gross earnings for Cloy and 21 percent for Philip. Both Cloy and Philp hove been employed all year. Required a. Calculste the net pay for both Clay and Philip for March. b. Calculse the net pay for both Clay and Philip for Decembec c. Is the net pay the same in March and December for both employees? d. Whot amounts will Oid Town repont on the Yeac 1W2s for eoch employee? Complete this question by entering your answers in the tabs below. Calculate the net pay for both Clay and Philip for March. Calculate the net pay for both Clay and Philip for December. (Do not round internediate calculations and round your answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Is the net pay the same in March and December for both employees? Is the net pay the same in March and December for both employees