Truncating numbers

Question

I have a program I have written to work on math operators. It is a simple input for hours worked and payrate and it spits out multiple answers of math functions.
Everything works fine with the math, but I have extremely long numbers after the decimal points. (i defined them as doubles ... should they be floats?)
Is there a way in Java to truncate a number after the 2nd decimal and round up? I looked into curency conversion, but i wasn't sure if that was correct
import java.io.*;
import java.text.*;
public class Paycheck {
    public static void main (String args[]) {
        String input1;
        String input2;
        String input3;
        float PayRate, Hours;
        double Gross, gross1, Net, Taxed, Insured, Deposited, Ficad, OT, OT1, Tax, Fica, DD, Ins;
        boolean badInput1;
        boolean badInput2;
        boolean GoOn;
        // simple math variable to be deducted at runtime
        final double TAX1 = 1.06;
        final double INS1 = 1.03;
        final double FICA1 = 1.04;
        final double DEP1 = 1.07;      
        OT = 0;
        do {
            do {
                System.out.println("Enter your hours worked: ");
                try {
                    BufferedReader in = new BufferedReader(new InputStreamReader(System.in));
                    input1 = in.readLine();
                } catch(IOException ex) { return; }       
                try {
                    Hours = Float.parseFloat(input1);
                    badInput1 = false;
                } catch(NumberFormatException ex) {                
                 System.out.println(ex.getMessage() + " is an invalid number." );
                    badInput1 = true;
                } while (badInput1);
             do {
                System.out.println("Enter your Pay Rate: ");
               try {
                    BufferedReader in = new BufferedReader(new InputStreamReader(System.in));
                    input2 = in.readLine();
                } catch(IOException ex) { return; }
                try {
                    PayRate = Float.parseFloat(input2);
                    badInput2 = false;
                } catch(NumberFormatException ex) {
                    System.out.println(ex.getMessage() + " is an invalid number." );
                    badInput2 = true;
            } while (badInput2);
                //Assign the variables the values
                Hours = Float.parseFloat(input1);
                PayRate = Float.parseFloat(input2);
                // Check for overtime and calculate as needed
                if (Hours > 40){
                   OT1 = (Hours - 40);
                   OT = OT1 * (PayRate * 1.5);
                   Gross = Gross + OT - (OT1 * PayRate);
               else {
                   Gross = (Hours * PayRate);           
                 //deductions to be made from the paycheck                  
                Tax = Gross - (Gross / TAX1);
                Insured = Gross - (Gross / INS1);
                Deposited = Gross - (Gross / DEP1);
                Fica = Gross - (Gross / FICA1);
                Net = Gross - (Tax + Insured + Fica + Deposited);
                 /*Returns the values and prints statements
                $ is hard coded into the string.
                No currency value has been assigned.
                System.out.println(" ");
                System.out.println( Hours + " Hours at $" + PayRate + " is $" + Gross);
                System.out.println(" ");
                System.out.println("Taxes paid was $" + Tax);
                System.out.println("Insurance paid was $" + Insured);
                System.out.println("Fica got $" + Fica);
                System.out.println("$" + Deposited + " was direct deposited");
                System.out.println(" ");
                System.out.println("Your total Net pay was $" + Net);
                 //check for continue using program or not
                System.out.println("Do more math?  (Y/N)");
                try {
                    BufferedReader in = new BufferedReader(new InputStreamReader(System.in));
                    input3 = in.readLine();
                    // keepGoing will be false for any input except Y or y
                    GoOn = input3 !=  null && input3.equalsIgnoreCase("Y");
            } catch(IOException ex) { return; }
        } while (GoOn);
}

Answer 1

Now, I have actually implemented both the currency format I found, as well as the decimal format that was mentioned and utilized an additional if statement to check the overtime values again and output if there was overtime earned, and to show how much was earned. Thanks again for the decimal value idea as it has now been used to "truncate" the value of the overtime hours worked.
THANK YOU !! :-)
import java.io.*;
import java.text.*;
public class Paycheck {
    public static void main (String args[]) {
        String input1;
        String input2;
        String input3;
        float PayRate, Hours;
        double Gross, gross1, Net, Taxed, Insured, Deposited, Ficad, OT, OT1, OTRate, Tax, Fica, DD, Ins;
        boolean badInput1;
        boolean badInput2;
        boolean GoOn;       
        final double TAX1 = 1.06;
        final double INS1 = 1.03;
        final double FICA1 = 1.04;
        final double DEP1 = 1.07;      
        OT = 0;
        OT1 = 0;
        OTRate = 0;
        NumberFormat fmt1 = NumberFormat.getCurrencyInstance();
        DecimalFormat df= new DecimalFormat("0.00"); // two decimal digits
        do {
            do {
                System.out.println("Enter your hours worked: ");
                try {
                    BufferedReader in = new BufferedReader(new InputStreamReader(System.in));
                    input1 = in.readLine();
                } catch(IOException ex) { return; }       
                try {
                    Hours = Float.parseFloat(input1);
                    badInput1 = false;
                } catch(NumberFormatException ex) {                
                 System.out.println(ex.getMessage()+ " is an invalid number." );
                    badInput1 = true;
                } while (badInput1);
             do {
                System.out.println("Enter your Pay Rate: ");
               try {
                    BufferedReader in = new BufferedReader(new InputStreamReader(System.in));
                    input2 = in.readLine();
                } catch(IOException ex) { return; }
                try {
                    PayRate = Float.parseFloat(input2);
                    badInput2 = false;
                } catch(NumberFormatException ex) {
                    System.out.println(ex.getMessage() + " is an invalid number." );
                    badInput2 = true;
            } while (badInput2);
                Hours = Float.parseFloat(input1);
                PayRate = Float.parseFloat(input2);
                Gross = (Hours * PayRate);
                if (Hours > 40){
                   OT1 = (Hours - 40);
                   OT = OT1 * (PayRate * 1.5);
                   Gross = Gross + OT - (OT1 * PayRate);
                   OTRate = (PayRate * 1.5);
               else {
                   Gross = (Hours * PayRate);           
                Tax = Gross - (Gross / TAX1);
                Insured = Gross - (Gross / INS1);
                Deposited = Gross - (Gross / DEP1);
                Fica = Gross - (Gross / FICA1);
                Net = Gross - (Tax + Insured + Fica + Deposited);
                System.out.println(" ");
                System.out.println( Hours + " Hours at " + fmt1.format(PayRate) + " per hour is " + fmt1.format(Gross));
                System.out.println("Your total Net pay was 80% of your gross, or " + fmt1.format(Net));
                if (Hours > 40){
                   System.out.println("From working " + df.format(OT1) + " hours of overtime, You earned " + fmt1.format(OTRate) + " per hour, or " + fmt1.format(OT));
                System.out.println(" ");
                System.out.println("Taxes paid at 6% was " + fmt1.format(Tax));
                System.out.println("3% went to Insurance, or " + fmt1.format(Insured));
                System.out.println("Fica got 4%, or " + fmt1.format(Fica));
                System.out.println(fmt1.format(Deposited) + " (7%) was direct deposited");
                System.out.println(" ");     
                System.out.println("Do more math?  (Y/N)");
                try {
                    BufferedReader in = new BufferedReader(new InputStreamReader(System.in));
                    input3 = in.readLine();
                    // keepGoing will be false for any input except Y or y
                    GoOn = input3 !=  null && input3.equalsIgnoreCase("Y");
            } catch(IOException ex) { return; }
        } while (GoOn);
}