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

Create a class Employee.

• Use static variable annual tax rate to store the annual tax rate for all employees. Also use another static variable inflationRate [0-1].
• Use inline initialization for inflation rate = 0.3, whereas the annual tax rate 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 annual tax rate 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)
  • Input salary from the 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.