Answer:
To calculate how much is deducted from Scott’s paycheck, we need to first find out how much his employer pays for his health insurance premium.
55% of the annual premium is covered by the employer, so we can calculate this as:
0.55 x $20,969 = $11,532.95
Therefore, Scott’s employer pays $11,532.95 towards his health insurance premium.
To find out how much is deducted from Scott’s paycheck, we need to divide the remaining 45% of the premium by the number of pay periods in a year. Since Scott is paid biweekly, he receives 26 paychecks in a year.
45% of the annual premium is not covered by the employer, so we can calculate this as:
0.45 x $20,969 = $9,437.55
To find out how much is deducted from each biweekly paycheck, we can divide $9,437.55 by 26:
$9,437.55 ÷ 26 = $363.75 (rounded to the nearest cent)
Therefore, Scott’s employer pays $11,532.95 towards his health insurance premium and $363.75 is deducted from each of his biweekly paychecks for health insurance.