PSb 3-2 Calculate Gross Pay & Taxable Pay For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax NOTE: For simplicity, all calculations throughout this exercise, both intermediate 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 $40.50/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has eamed $142.200 during the year He has requested that his employer withhold 7% of gross pay which is to be contributed to a 403(b) plan Taxable income for federal income tax withholding $ Taxable income for social security tax S Taxable income for medicare tax-$ 2: An employee works 37 regular hours during a workweek in August of 2021. He was hired four years ago, eams a salary of $140.200/year, and is exempt from the overtime provisions of the FLSA To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 8% of gross pay which is to be contributed to a 401(k) plan Taxable income for federal income tax withholding-S Taxable income for social security tax-5 Taxable income for medicare tax-5