or each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding. Social Securty tax, and Medicare tax. NOTE: For simplicty, ali calculations throughout this exercise, both internediate and final, should be rounded to two decimal places at each calculation. 1: An employee works 42 hours ( 42 . 40 were overtime hours) during a workweek in December of 2021. He eams $40.50h hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $142,200 during the year. He has requeseed that his employer with hold 7% of gross pay, which is to be contributed to a 403(b) plan. Taxable income for federal income tax whholding =; Taxable income for soclal security tax =$ Taxable income for medicare tax =$ 2. An enployee works 37 regular hours during a workweek in August of 2021. He was hired four years ago, earns a salary of s140,200year, and is exempl from the overtime provisions of the FLSA. To date, he has recelved no compensation beyond his annual salary. He has requested that his employer wathold 3% of gross pay. Which is to be contributed to a 401(k ) plan. Taxable income lor federal income tax wathholding =1 Taxable income for social securify tax = 3 Taxabie inoome for medicare tax $ 3. An employee wons 60 hours ( 50.40 were overtime houns) during a workweek in December of 2021. Ho earns 59,500 month, with his employer payng 15 imes the regular rate of pay tor overtime houis. To dase, ha has earned $114,500 during the year. He has requested that his employer wethold 13% of gross pay to contreute to a 403(b) pian. Taxable income for federa income tax withhoiding " Taxable income for socal security tax =$ Tacable income for medicare tax =$