Oid Town Entertainment hos two employees in Year 1. Clay earns $3,600 per month, and Philip, the manager, eams $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 cate is 1.5 percent on all eamings. The federal income tax witholding is 14 percent of gross eamings for Clay and 19 percent for Philp. Both Clay and Philp have been employed all year. Required a. Calculate the net pay for both Ciay and Philp 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 Oid 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 Cay and Philip for December. Is the net pay the same in March and December for both employees? Is the net pay the game in March and December for both employees? Req A and B Req D What amounts will Old Town report on the Year 1 W-2s for each employce? (Do not round intermediate calculations.)