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Old Town Entertainment has two employees in Year 1. Clay earns $3,500 per month, and Philip, the manager, earns $10,500 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 1.5 percent on all earnings. The federal income tax withholding is 14 percent of gross earnings for Clay and 19 percent for Philip. Both Clay and Philip have been employed all year. Required a. Calculate the net pay for both Clay and Philip 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 Year 1 W-2s 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 Phillp for December. (Do not round intermediate calculations and round your answers to 2 decimal places.) Oid Town Entertainment has two employees in Year 1. Clay earns $3,500 per month, and Phisip, the managet, earns $10,500 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 1.5 percent on all earnings. The federal income tax withholding is 14 percent of gross earnings for Clay and 19 percent for Philip. Both Clay and Philip have been employed all yeat. Required a. Caiculate the net pay for both Clay and Phillip for March. b. Calculate the net pay for both Clay and Philip for December. c. Is the net pay the some in March and December for both employees? d. What amounts will Oid Town report on the Year 1 W-2s for each employee? 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 errployees? What amounts will Old Town report on the Year 1W2s for each employee? (Do not round intermediate calculations.)