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 all 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. Requirec 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.) on W-2 for Year 1 Clay Box 1 Box 2 Box 3Social security wages Box 4Social security tax withheld Box 5 Box 8 Wages, tips, and other compensation Federal income tax withheld Medicare wages and ti ps Medicare tax withheld Philip Box 1 Box 2 Box 3 Box 4Social security tax withheld Box 5 Box 8 Wages, tips, and other Federal income tax withheld Social security wages Medicare wages and ti ps Medicare tax withheld Req C Reg D