At Richardson Manufacturing Company, there are two factors that determine the cost of health care. If an
Question:
At Richardson Manufacturing Company, there are two factors that determine the cost of health care. If an employee makes less than $55,000 per year, he pays $60 per month for individual coverage and $115 per month for family coverage. If an employee makes at least $55,000 per year, individual coverage is $90 per month and family coverage is $165 per month.
a. Arielle is an office assistant at Richardson. She makes $47,700 per year. She has individual health care. Her yearly contribution is 5% of the total cost of the health care policy. How much does her employer contribute?
b. Catherine is a department manager at Richardson. Her annual salary is $68,300. She has family health care. Her employer contributes $935 per month toward her total coverage cost. What percent does Catherine contribute toward the total coverage?
Step by Step Answer:
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi