Looping over a text file list with python

Question

EDIT: Have updated post for better clarity, no answers have yet to help!

Alright, so my assignment is to take a text file, that would have 4 entries per line, those bein

Answer 1

import os.path
import sys
#fileQuestion = input("What is the name of your file?: ")
fileQuestion = "Testfile.txt"
heading1 = "{0:15s}{1:15s}{2:10s}{3:15s}{4:20s}{5:15s}".format("First Name",   "Last Name", "Hours", "Payrate", "Overtime Hours", "Gross Pay")
heading2=    "=============================================================================================================="

print(heading1)
print(heading2)

if os.path.isfile(fileQuestion) == True:
    file_handle = open(fileQuestion, 'r')
#file = open('emps', 'r')
#data = file.readlines()    I would't go for readline here

#file_handle2 = open('outupt.txt')
total_gross_pay = 0
number_of_employees = 0
average_gross_pay = 0
total_overtime = 0
standard_working_hours = 40

for i in file_handle:
    data = i.rstrip().lstrip().split()

    #print (data)
    first_name, last_name, hours, payrate = data

    hours = int(hours)
    payrate = int(payrate)
    basic_pay = hours * payrate

    if(hours > standard_working_hours):
        overtime = hours - standard_working_hours
        overtime_premium = overtime * payrate
        gross_pay = overtime_premium + basic_pay

    else:
        overtime = 0
        gross_pay = basic_pay

    total_overtime += overtime
    total_gross_pay += gross_pay
    number_of_employees += 1

    print("{0:15s}{1:15s}{2:10s}{3:15s}{4:20s}{5:15s}".format(first_name, last_name, str(hours), str(payrate), str(overtime), str(gross_pay)))

print('\n')
print("Total Gross Pay:   ",total_gross_pay)
print("Average Gross Pay: ",total_gross_pay/number_of_employees)
print("Total overtime:    ",total_overtime)