QUESTION

PLEASE ANSWER

a&b

C

D

Old Town Entertainment has two employees in Year 1. Clay earns $3,700 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 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 13 percent of gross earnings for Clay and 21 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 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 Reg Reg D Calculate the net pay for both Clay 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 Clay Philip Clay Philip 6 Reqc > Complete this question by entering your answers in the tabs below. Reg A and B 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? Complete this question by entering your answers in the tabs below. Reg A and o Reg nendo What amounts will Old Town report on the Year 1 W-2s for each employee? (Do not found intermediate calculation Amount Appearing on W-2 for years Clay Box1 Wages, tips, and other compensation Box2 Federal income tax witheid Box Social security wages Box 4 Social Security tax withheld Box Medicare wages and tips 0 Medicare tax with Mc Graw Hill O Type here to search Old Town Entertainment has two employees in Year 1. Clay earns $3,700 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 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 13 percent of gross earnings for Clay and 21 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 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 Reg Reg D Calculate the net pay for both Clay 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 Clay Philip Clay Philip 6 Reqc > Complete this question by entering your answers in the tabs below. Reg A and B 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? Complete this question by entering your answers in the tabs below. Reg A and o Reg nendo What amounts will Old Town report on the Year 1 W-2s for each employee? (Do not found intermediate calculation Amount Appearing on W-2 for years Clay Box1 Wages, tips, and other compensation Box2 Federal income tax witheid Box Social security wages Box 4 Social Security tax withheld Box Medicare wages and tips 0 Medicare tax with Mc Graw Hill O Type here to search