Margaret Tahir worked 50 hours for Patel Corporation during the last 7-day pay period. Margaret is paid $14.00 per hour and time and a half for any hours worked past 40 hours per week. The state and federal income tax rates applicable to Margaret are 7% and 15%, respectively. The social security tax rate is 6% (on aggregate gross earnings up to $110,000) and the Medicare tax rate is 2% (on all gross earnings). Margaret instructed her employer, Patel, to allocate 10% of her gross pay to the 401K plan offered by Patel. In addition, Margaret participates in the employer sponsored life insurance plan which costs her $50 per pay period in premiums withheld. Prior to this pay period, Margaret's year to date (or aggregate) gross earnings were $18,000. Instructions 1. Prepare a detailed calculation of Margaret's net pay for the last 7-day period. 2. Prepare the journal entry to record Pike's payroll for the last 7-day pay period. Note: You do not need to include journal entry descriptions, but you must provide detailed supporting calculations (or get 50% credit). If necessary, round to two decimal places.