Overtime $-$ SubmitWrite an algorithm and program that will process the pavroll of an emplovee. The program has two inputs: the hours the employee works and the employees hourly pay rate. The program then computes the following items: Gross Pav is calculated as follows hours worked less than $40,$ Gross $=$ hours $\backslash$times payrate hours worked between $40$ and $60,$ Gross $=40\backslash$times payrate $+($hours $*40)\backslash$times payrate $\backslash$times $1\mathrm{.}5$o otherwise Gross $=70\backslash$times payrate $+($hours $-60)\backslash$times payrate $\backslash$times $2$ Federal Tax is calculated as follows Gross less than $$500,$ federal is $5\%$ of gross Otherwise federal is $10\%$ of gross State Tax which equals $5\%$ of Gross Pay Net Pay which equals Gross Pay $-$ Federal Tax $-$ State Tax