114k views
4 votes
Find the total amount paid by the employee annually. Annual cost of insurance: $6700.; Employer pays 60%

1 Answer

3 votes

Answer:

The employee contributes a $6700 yearly income.

Step-by-step explanation:

1. Calculate the employee's portion of the insurance cost:

Worker Share = 40% of Annual Cost

Portion for Employees = 0.4 * $6700

2. The sum of the annual costs is determined by combining the employer and employee contributions:

Employer Contribution + Employee Contribution = Total Annual Cost

Employee's Portion + (60%) of Annual Cost = Total Annual Cost

Cost per Year = 0.4 * 6700 + 0.6 * 6700

Let's compute it now:

Cost per Year = 0.4 * 6700 + 0.6 * 6700

$2680 plus $4020 is the total annual cost.

$6700 is the total annual cost.

The employee contributes a $6700 yearly income.

User Marko
by
7.9k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories