Loops/Text File Processing

I know i'm suppose to include some code of what I have so far but I have no idea where to start.

I have to take this file that includes (emp id, hourly/salaried/, hours worked/hourly pay rate, annual salary:
101456 H 20 6.57
100045 S 81994.12
100321 H 45 23.50
101987 H 39 15.76
100486 S 116935.65
100357 H 50 18.19
102003 H 30 12.75
123887 S 226345.43
110441 S 54783.28
101119 H 35 22.22
114532 S 152573.23
100003 H 40 19.00
101285 H 60 29.95
105539 S 100284.54
176531 S 78546.77
101119 H 38 43.15

and have my program read each line of data into a output, eventually figuring out the tax and Net pay. I guess my question is how do I have my program read a specific part of the file?

any help is appreciated
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