The pressure of a fluid increases linearly with depth according to rho(density)*gravity*depth(from surface) (part of bernoulli equation). As a fully submerged object sinks, since the increase is linear, the difference in pressure above and below the object is always the same regardless of depth. Thus, if the object wasn't supported at the surface, it won't "float" an any depth.
That is why a fully submerged object will sink to the bottom of a container rather than reach a certain depth and sort of hover there.
*MCAT MCAT MCAT* This is the key to remember:
1)An object that is at least partially floating displaces fluid equal to its mass.
2)A fully submerged object displaces fluid equal to its volume.
Consider taking a floating styrofoam block the size of your car and putting a bunch of gold bricks on it until it is half submerged. Mass of water displaced = mass of styrofoam+gold bricks , which is a lot. Now, remove the styrofoam and just put the gold bricks in the water, adding a little extra to account for the mass of the styrofoam from the previous experiment; they won't displace much water in comparison. Volume of water displaced = volume of gold bricks. This example works not only for gold bricks, of course, but for any object that could be placed on the styrofoam that has a density greater than the density of water (or other fluid in question).
Also, you'll want to know the floating equation, rho(object) / rho(fluid). The resulting number, from ~0 to ~1 (not >1 because the object would sink), tells you what percentage of the object is submerged. Think, an object with 0.4g/cm^3 would be 40% submerged in water, which is 1.0g/cm^3. The other 60%, of course, would be above the surface.