Write a COBOL program to calculate and print the net pay. Assume the current federal income tax (FIT)rate is 15%. Run the program once for each employee.
Input:For each employee, prompt for and enter the following data:Employee Hours Worked Hourly Pay Rate
Bauer 40 7.50
Erickson 38 12.00
Howard 40 9.75
Miller 40 10.25
Rossi 35 8.00
York 36 11.00
Output:For each employee, print the following report:
Author PAYROLL REPORT mm/dd/yyyy
Employee: X---------X
Gross pay: $999.99
FIT: $ 99.99
Net Pay: $999.99
## Deliverables
1) Complete and fully-functional working program(s) in executable form as well as complete source code of all work done.
2) Deliverables must be in ready-to-run condition, as follows (depending on the nature of the deliverables):
a) For web sites or other server-side deliverables intended to only ever exist in one place in the Buyer's environment--Deliverables must be installed by the Seller in ready-to-run condition in the Buyer's environment.
b) For all others including desktop software or software the buyer intends to distribute: A software installation package that will install the software in ready-to-run condition on the platform(s) specified in this bid request.
3) All deliverables will be considered "work made for hire" under U.S. Copyright law. Buyer will receive exclusive and complete copyrights to all work purchased. (No GPL, GNU, 3rd party components, etc. unless all copyright ramifications are explained AND AGREED TO by the buyer on the site per the coder's Seller Legal Agreement).
## Platform
Processing Requirements:
-Compute the gross pay:
hours x pay rate
-Compute the federal income tax:
gross pay x FIT rate
-Compute the net pay:
gross pay -FIT