Exercise 2. During the past week, four employees of the Lovo Inc. worked the number of hours shown in the table. All four employees receive overtime pay at one and a half times their regular hourly rate for any hours worked beyond 40 in a week. Calculate the regular earnings, overtime earnings, and gross pay for each employee. Gross Pay Hours Worked 4 5 44 Regular Earnings $ Overtime Earnings $ D AL $ Employee Hourly Rate Ann We $20 Gregory 15 Box Dan Knox 19 Lana 30 Gonzales Total L 4 3 4 6 | 178 Requirements: Calculate the amount of FICA: Social Security Tax and Medicare Tax to be withheld from each of the employee's gross (December only). Apply a 6.2 percent as a social security tax rate using the annual limit of the contribution and benefit base. For earnings in 2020, this base is $137,700. Also, apply a 1.45 percent as a Medicare tax rate. Employers are responsible for withholding the 0.9% Additional Medicare Tax on an individual's wages paid in excess of $200,000 in a calendar year, without regard to filing status. Employee December The year-to- Sodia Medicare Tax Salary date Security Tax (December, earnings up (December, 2020) to November 2020) (11 months) Rod Cast $5,000 16,800 Veronica Ergo Ann Lola 15,000