Answer :
To determine how much is taken from the employee's biweekly paycheck for health insurance, we can break down the problem into a few steps:
1. Calculate the employer's contribution:
The employer covers 70% of the annual health insurance cost. Given the total annual cost of [tex]$\$[/tex]5,980[tex]$: \[ \text{Employer's Contribution} = 0.70 \times 5980 = \$[/tex]4,186.00
\]
2. Calculate the employee's contribution:
The remainder of the cost is covered by the employee. We subtract the employer's contribution from the total annual cost:
[tex]\[ \text{Employee's Contribution} = 5980 - 4186 = \$1,794.00 \][/tex]
3. Calculate the biweekly cost for the employee:
Since there are typically 26 pay periods (biweekly paychecks) in a year:
[tex]\[ \text{Biweekly Cost} = \frac{\text{Employee's Contribution}}{26} = \frac{1794}{26} = \$69.00 \][/tex]
Therefore, the amount taken from the employee's biweekly paycheck for health insurance is [tex]$\Phi = \$[/tex]69.00$.
1. Calculate the employer's contribution:
The employer covers 70% of the annual health insurance cost. Given the total annual cost of [tex]$\$[/tex]5,980[tex]$: \[ \text{Employer's Contribution} = 0.70 \times 5980 = \$[/tex]4,186.00
\]
2. Calculate the employee's contribution:
The remainder of the cost is covered by the employee. We subtract the employer's contribution from the total annual cost:
[tex]\[ \text{Employee's Contribution} = 5980 - 4186 = \$1,794.00 \][/tex]
3. Calculate the biweekly cost for the employee:
Since there are typically 26 pay periods (biweekly paychecks) in a year:
[tex]\[ \text{Biweekly Cost} = \frac{\text{Employee's Contribution}}{26} = \frac{1794}{26} = \$69.00 \][/tex]
Therefore, the amount taken from the employee's biweekly paycheck for health insurance is [tex]$\Phi = \$[/tex]69.00$.
