Solve using JAVA Create class Employee.• Use static variable annualTaxRate to store the annual taxrate for all employees. Also use another static variableinflationRate [0-1].• Use inline initialization for inflationRate = 0.3, whereasannualTaxRate is initialized using the following rule in astatic init block.• If inflationRate is higher than 0.5, then annualTaxRate is5%, else annualTaxRate is 10%.• Each object of the Employee class contains private instancevariables name and salary indicating the employee nameand monthly salary of the employee.• Provide constructor(s) and getter/setter methods. Theconstructor and getter/setter methods should use shadowingparameters names. (hint: use 'this')• Provide method computeAnnualTax to calculate themonthly interest by multiplying the Annual salary byannualTaxRate divided by 100 – this tax should be returnedfrom computeAnnualTax.• Write class EmpTest for testing the Employee class• Create an employee object emp1 by callingconstructors with appropriate values (salary = 20000).• Create another employee object emp2 having defaultsalary (say 30000)• Input salary from user and update the salary of emp2to the new salary (say 50000).• Compute Annual tax for both the employees anddisplay them in the test class.***Update the employee class so that it contains anotherinstance variable called netMonthlylncome, which is defined asmonthly salary minus(-) monthly income tax. Add a method tothe class Employee called computeNetSalary to compute it.

These programs can be asked from control statements, array, string, oops etc. Java basic programs…

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.