Exercise 9-10 A (Algo) Calculating payroll LO 9-5 Oid Town Entertainment has two employees in Yeat 1 . Clay earns $3,500 per month, and Philip, the manager, earns $10,600 per month. Neither is paid extra for working overtime. Assume the Social Security tax rate is 6 percent on the first $130,000 of earning $ and the Medicare tax rate is 15 percent on alf earnings. The federal income tox withholding is 17 percent of gross earnings for Clay and 18 percent for Philip Both Clay and Philip have been employed all yeat Required a. Calculate the net pay for both Clay and Phalip for March b. Calculate the net pay for both Clay and Philip for December. c. Is the net pay the same in March and December for both employees? d. What amounts will Old Town report on the Yeor 1W2s for each 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 ghilip for December. (Do not round intermediate calcutations and round your ankwers to 2 decimal places) Complete this question by entering your answers in the tabs below. What amounts will old Town report on the Year i Wi2s for each employee? (Do not round intermediate calculations.)