Use IF functions to calculate the regular pay and overtime pay based on a regular 40-hour workweek in cells E5 and F5. Pay overtime only for overtime hours. In cell G5, calculate the gross pay based on the regular and overtime pay. Abram’s regular pay is $398. With 8 overtime hours, Abram’s overtime pay is $119.40. Create a formula in cell H5 to calculate the taxable pay. Multiply the number of dependents (column B) by the deduction per dependent (A24) and subtract that from the gross pay. With two dependents, Abram’s taxable pay is $417.40.