Old Town Entertainment has two employees in Year 1 Clay earns $3,700 per month and Philip, the manager, ears $10.500 per month Nenher is paid extra for working overtime Assume the Social Security tax rates 6 percent on the first $130,000 of earnings and the Medicare tax rate is 15 percent on all earnings. The federal income tax withholding is 16 percent of gross earnings for Clay and 22 percent for Philip Both Clay and Philip have been employed all year Required 2. Calculate the net pay for both Clay and Phillip 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 1W-2s for each employee? Complete this question by entering your answers in the tabs below. Rea A and Reg Reg D Calculate the net pay for both day and Philip for March Calculate the net pay for both Clay and Philip for December (Do not round intermediate calculations and round your answers to 2 decimal places.) Net Pay a Clay Clay Php Besc Old Town Entertainment has two employees in Year 1 Clay earns $3,700 per month and Philip, the manager, earns $10,100 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 rate is 15 percent on all earnings. The federal income tax withholding is 16 percent of gross earnings for Clay and 22 percent for Philip Both Clay and Philip have been employed all year Required .. Calculate the net pay for both Clay and Phillip 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 1W-2s for each employee? Complete this question by entering your answers in the tabs below. Reg A and Reg Reg D is the net pay the same in March and December for both employees Is the net pay the same in March and December for both employees? Old Town Entertainment has two employees in Year 1 Clay earns $3,700 per month and Philip, the manager earns 510,100 per month Neither is paid extra for working overtime Assume the Social Security tox rate is 6 percent on the first $130,000 of earnings and the Medicare tax rate is 15 percent on all earnings. The federal income tax withholding is 16 percent of gross earnings for Clay and 22 percent for Philip Both Clay and Philip have been employed all year Required .. 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 wil Old Town report on the Year 1 W 2s for each employee? Complete this question by entering your answers in the tabs below. Reg A and B Rec Reg D What amounts will Old Town report on the Year 1 W 2s for each employee? (Do not round intermediate calculations.) Amount Appearing on W2 low Year 1 Clay Box 1 Bax2 ) Bara Box 5 Box 6 Wages, tips, and other compensation Federal income tax withheld Social Security wages Social Security tax withheld Medicare wages and tips Medicare tax withheld