Reference no: EM132200840

Write a Java program to calculate and print the monthly paycheck for an employee. The net pay is calculated after taking the following deductions:

    Federal income tax = 15%
    State income tax    = 5%
    Social security tax = 5%
    Medicare/Medicaid   = 3%
    Pension plan        = 8%
    Health insurance    = $125.00

Your program should ask the user to input the employee ID, last name, first name, and the earnings (gross amount) for current month.

The output should be the net pay, after deductions. Format the output to have 2 decimal places. 

NOTE: This is all about formatting the output

Sample output:

Employee ID:                     12345
Employee Name:                John Doe
======================================
EARNINGS                       4500.00
Federal Tax                     675.00
State Tax                       225.00
Social Security                 225.00
Medicare/Medicaid               135.00
Pension Plan                    360.00
Health Insurance                125.00
======================================
NET PAY                        2755.00