Java laungage: Create class Employee. · Use static variable annualTaxRate to store ...

java laungage:

Create class Employee.
· Use static variable annualTaxRate to store the annual tax rate for all employees. Also use another static variable inflationRate [0-1].
· Use inline initialization for inflationRate = 0.3, whereas annualTaxRate is initialized using the following rule in a static init block.
· If inflationRate is higher than 0.5, then annualTaxRate is 5%, else annualTaxRate is 10%.
· Each object of the Employee class contains private instance variables name and salary indicating the employee name and monthly salary of the employee.
· Provide constructor(s) and getter/setter methods. The constructor and getter/setter methods should use shadowing parameters names. (hint: use ‘this’ )
· Provide method computeAnnualTax to calculate the monthly interest by multiplying the Annual salary by annualTaxRate divided by 100 – this tax should be returned from computeAnnualTax.

} Write class EmpTest for testing the Employee class
} Create an employee object emp1 by calling constructors with appropriate values (salary = 20000).
} Create another employee object emp2 having default salary (say 30000)
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} Input salary from user and update the salary of emp2 to the new salary (say 50000).
} Compute Annual tax for both the employees and display them in the test class.

***Update the employee class so that it contains another instance variable called netMonthlyIncome, which is defined as monthly salary minus(-) monthly income tax. Add a method to the class Employee called computeNetSalary to compute it.