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Old Town Entertainment has two employees. Clay earns $ 5 , 6 0 0 per month, and Philip, the manager, earns $ 1 0 ,

Old Town Entertainment has two employees. Clay earns $5,600 per month, and Philip, the manager, earns $10,800 per month. Neither is paid extra for working overtime. Assume the Social Security tax rate is 6.2% on the first $168,600 of earnings and the Medicare tax rate is 1.45% on all earnings. The federal income tax withheld was $672 for Clay and $2,160 for Philip. Clay pays $250 each month for single health insurance coverage while Philip pays $460 for family coverage. Philip also has dental and vision insurance which costs $30 per month. Both employees contribute 10% of their gross earnings to their retirement plans. Additionally, Philip contributes $575 per month to the dependent care account to pay for childcare, and $300 a month to his HAS (health savings account).
Required:
a. Calculate the net pay for both Clay and Philip for the month of November (show your work including all calculations).
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