Question

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

Answer 1

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.