health insurance coverage for an employee and their children is $6,240 per year. Their employer pays 70% of that cost. How much is taken from the employee's biweekly paycheck?
To find out how much is taken from the employee's biweekly paycheck, we need to divide the annual cost by the number of pay periods in a year.
The employee's annual cost is $6,240 per year.
The employer pays 70% of that cost, which is 0.7 * $6,240 = $4,368 per year.
If there are 26 pay periods in a year (biweekly pay), then the employee's biweekly cost would be $4,368 / 26 = $168 per paycheck.
Therefore, $168 is taken from the employee's biweekly paycheck.
To find out how much is taken from the employee's biweekly paycheck, we need to determine the employee's share of the health insurance coverage cost.
Step 1: Calculate the employer's contribution:
The employer pays 70% of the total cost, which is $6,240.
Employer contribution = 70% of $6,240 = 0.7 * $6,240 = $4,368.
Step 2: Determine the employee's share:
The employee is responsible for the remaining 30% of the total cost.
Employee's share = 30% of $6,240 = 0.3 * $6,240 = $1,872.
Step 3: Divide the annual employee's share by the number of pay periods in a year:
Assuming biweekly pay periods, there are 26 pay periods in a year (52 weeks / 2).
Amount taken from the employee's biweekly paycheck = $1,872 / 26 = $72.
Therefore, $72 will be taken from the employee's biweekly paycheck for health insurance coverage.
To find out how much is taken from the employee's biweekly paycheck, you need to follow these steps:
Step 1: Calculate the annual cost of health insurance coverage for the employee and their children.
The total annual cost of health insurance coverage is given as $6,240.
Step 2: Calculate the amount paid by the employer.
The employer pays 70% of the total cost. To find out how much the employer pays, multiply the total cost by 70%:
$6,240 * 0.70 = $4,368.
Step 3: Calculate the amount paid by the employee.
To find out how much is taken from the employee's paycheck, subtract the amount paid by the employer from the total cost:
$6,240 - $4,368 = $1,872.
Step 4: Determine the biweekly deduction.
To find out the biweekly deduction, divide the amount paid by the employee by the number of biweekly pay periods in a year. Typically, there are 26 biweekly pay periods in a year. Therefore:
$1,872 / 26 = $72.
So, $72 is taken from the employee's biweekly paycheck for health insurance coverage.