Old Town Entertainment has two employees in Year 1. Clay earns $4,600 per month, and Philip, the manager, earns $11,000 per month. Neither is paid extra for working overtime. Assume the Social Security tax rate is 6 percent on the first $110,000 of earnings and the Medicare tax rate is 1.5 percent on ail earnings. The federal income tax withholding is 16 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. Req A and B Req C Req D What amounts will Old Town report on the Year 1 w-2s for each employee? (Do not round intermediate calculations.) Amount Appearing on W-2 for Year 1 Clay Box 1 Box 2 Box 3Social security wages Box 4 Social security tax withheld Box 5 Box 8 Medicare tax withheld Wages, tips, and other compensation Federal income tax withheld Medicare wages and tips Philip Box 1 Box 2 Box 3Social security wages Box 4Social security tax withheld Box 5 Box 6 Wages, tips, and other Federal income tax withheld tion Medicare wages and tips 6 Medicare tax withheld Req C