Summary:
The employees of my organization have the option of banking overtime hours or getting paid for the overtime hours. The default hours per day is 7.5. They can bank work week hours above 37.5 hours. If they wish to bank overtime hours, they can bank only at the pay code multiplier of 1. However, if they wish to get paid for overtime hours, they get paid at the pay code multiplier of 1 for work week hours greater than 37.5 and less than 40 and for work week hours greater than 40, they get paid at the pay code multiplier of 1.5.

Resolution:
To resolve the issue, create 3 custom columns by name Regular time, OT (1x) and OT (1.5x) with the following formulas.Formula for RT: if(TotalHours>=37.5, 37.5, TotalHours)

Formula for OT (1x):
if(DepositedBankedHours=0 && (TotalHours-37.5)>2.5, 2.5,
if(( DepositedBankedHours=0 && (TotalHours-37.5)<=2.5 && (TotalHours-37.5)>0), (TotalHours-37.5),0))

Formula for OT (1.5x):
If(DepositedBankedHours=0 && TotalHours>40,(TotalHours-40),0)