Write Pseudo Code for Sales Tax Calculation:

IN JAVA

Design and write an algorithm that calculates the sales tax and price of an item in a particular state. Sales tax is calculated as follows: The state's portion of the sales tax is 4%, and the city's portion of the tax is 1.5%. If the item is a luxury item, such as a car of more than $50,000 then there is a 10% luxury tax.

To calculate the price of the item, we need to calculate the state's portion of the tax, the city's portion of the sales tax, and, if the item is a luxury item, the luxury tax.

1. Write down analysis of the business problem and requirement in one paragraph.
2. Write/Declare appropriate classes.
3. Write/Declare appropriate methods. The methods should have algorithms that will solve the computational problems.
4. Write/Declare appropriate class attributes/properties with appropriate data types.