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For each employee, first calculate gross pay. Then determinetaxable income used to calculate federal income tax withholding,Social Security tax, and Medicare tax.NOTE: For simplicity, all calculations throughoutthis exercise, both intermediate and final, should be rounded totwo decimal places at each calculation.1:An employee works 45 hours (45 - 40 were overtime hours)during a workweek in October of 2017. The employee earns $45/hour,with his employer paying 1.5 times the regular rate of pay forovertime hours. To date, he has earned $130,050 during the presentyear. 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 = $Taxable income for social security tax = $Taxable income for medicare tax = $2:An employee works 35 regular hours during a workweek inSeptember of 2017. The employee was hired twelve years ago, earns asalary of $122,500/year and is exempt from the overtime provisionsof the FLSA. To date, he has received no compensation beyond hisannual salary. He has requested that his employer withhold 10% ofgross pay, which is to be contributed to a 403(b) plan.Taxable income for federal income tax withholding = $Taxable income for social security tax = $Taxable income for medicare tax = $3:An employee works 53 hours (53 - 40 were overtime hours)during a workweek in November of 2017. The employee earns$10,100/month, with his employer paying 1.5 times the regular rateof pay for overtime hours. To date, he has earned $124,740 duringthe year. He has requested that his employer withhold 12% of grosspay, which is to be contributed to a 401(k) plan.Taxable income for federal income tax withholding = $Taxable income for social security tax = $Taxable income for medicare tax = $