health insurance coverage for an employee is $1,950 per year. their employer pays 80% of that cost. how much…
health insurance coverage for an employee is $1,950 per year. their employer pays 80% of that cost. how much is taken from the employees biweekly paycheck? biweekly insurance cost = $?
Answer
Explanation:
Step1: Find employee's annual cost
The employer pays 80%, so the employee pays 1 - 80% = 20% of the $1950 cost. $1950\times0.2 = 390$
Step2: Calculate number of bi - weekly periods
There are 52 weeks in a year, so the number of bi - weekly periods is $\frac{52}{2}=26$.
Step3: Find bi - weekly cost
Divide the employee's annual cost by the number of bi - weekly periods. $\frac{390}{26}=15$
Answer:
15