health insurance coverage for an employee and their spouse is $7,280 per year. the employer pays 70% of that…
health insurance coverage for an employee and their spouse is $7,280 per year. the employer pays 70% of that cost. how much is taken from the employees biweekly paycheck? biweekly insurance cost = $?
Answer
Explanation:
Step1: Calculate employee's annual share
The employer pays 70%, so the employee pays 100% - 70% = 30%. The annual cost is $7280. The employee's annual share is $7280\times0.3$. $7280\times0.3 = 2184$
Step2: Calculate bi - weekly deduction
There are 52 weeks in a year, so there are $\frac{52}{2}=26$ bi - weekly periods. Divide the employee's annual share by 26 to get the bi - weekly deduction. $\frac{2184}{26}=84$
Answer:
84