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help please Oid Town Entertainment has two employees in Year 1. Clay earms $3,600 per month, and Philip, the manager, earns $10,200 per month. Neither
help please
Oid Town Entertainment has two employees in Year 1. Clay earms $3,600 per month, and Philip, the manager, earns $10,200 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 eamings. The federal income tax withholding is 15 percent of gross earnings for Clay and 21 percent for Phillip. 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. Caiculate the net pay for both Clay and Philip for March. Calculate the net pay for both Clay and Phillip for December. (Do not round intermedlate colculations and round your answers to 2 decimal places) What amounts will Old Town report on the Year 1W2s for each emolovee Step by Step Solution
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