1. The welding Symbol is for a double bevel weld, with 45 degree, 1/2 deep bevel on the other side of the joint. As the bevel angle and depth of preparation is not specified on the arrow side of the joint, and no other info is included, this means the arrow side is to be beveled the rest of the way through the plate for a full pen weld.

2. Assuming this weld symbol is for the padeye drawn, technically the 1 1/4 plate will be beveled 1/2 on one side and up to 3/4 on the other side for full penetration. As this weld is going agaist the grain on the side of a piece of 1/4 thick angle, personally I think the design is crap. 1 1/4 full pen weld on 1/4 angle is asking for trouble. Not only will it warp excessively, you'll also have too much heat input, causing a hardened, crack liable heat affected zone and or lamellar tearing.

Tim