Read the problem and provide what is being required. The data below pertains to the earnings of Peter Castro for the week ended June 16, 2020. Hours and rate Earnings to date Overtime rate Withholding tax SSS contributions PHIC contribution Pag-ibig contribution 42 hours worked at P40 an hour P 14.00 One and a half the regular arte for hours worked in excess of 40 hours. 3% of gross earnings 2% of gross earnings 1% of gross earnings 1% of gross earnings What is the net pay of Peter Castro for the week? Problem 2. The Sangre Corpoartion is a manufacturing concern that employs six peple on an hourly basis. The following data relate to the week ended October 31, 2020. Hours Worked Total Cumulative Through 10/24/2020 Hourly Rate Employee K.Reyes Su M Tu W Th F Sa 8 8 8 8 8 L P14 P21,900 W. Santos 8 9 8 8 9 4 26.00 49,200 A.Manalo 8 10 8 8 9 = 17.50 29.600 T. Cruz 8 10 8 8 9 10.30 15,890 L. Sante 8 8 8 9 8 4 8.50 13,560 R. Webb 8 8 8 8 8 - 23.00 46,180 Instructions 1. Compute net earnings of each employee for the week, assuming the following deductions: Income tax SSS PHIC Pag-ibig Union dues 15% 6.2% 1.5% 1.5% P10 per employee Employees are paid one and one-half times the regular rate for hours worked over 40 2. Prepare journal entry to record payroll.