Write in java (inheritance)consider the company class and the program output given. now, design a class hierarchy that implements company employee’s salary calculation. a company has two types of employees: hourly paid employees and monthly salary based employees. every employee has a name, salary and tax rate. in addition, hourly paid employee has two attributes: hours worked and the hourly rate. the monthly paid employee has one attribute, annual salary. both classes have constructor methods that take all attributes and a method to calculate monthly salary. finally both classes should have the tostring method that returns name, monthly salary, and the tax paidimport java. util. arraylist; public class company{ public static void main(string[] args) {arraylist emplist= new arraylist(); monthlypaidemp mpe1 = new monthlypaidemp("john william" , 55675.00); monthlypaidemp mpe2 = new monthlypaidemp("nancy william" , 65675.00); hourlypaidemp hpe1 = new hourlypaidemp("samira monid", 7.50, 35); emplist. add(mpe1); emplist. add(mpe2); emplist. add(hpe1); for(int i=0; i