Annual Health Insurance Premium Cost and Monthly Payment Calculations
How much does Charlie pay per month for health insurance if his annual premium is $4,000 and his employer pays 80% and there are 52 pay periods?
Fill in the December monthly income statement below for a person with a salary of $95,000, state tax rate of 4.5% on taxable income, is married with one dependent, who claims 2 exemptions and whose medical costs are $150 per month. Weekly FIT is $195.
Gross pay? FIT? FICA? Medicare? State? Local? Medical? Union? Other? Net Pay?
If you can please explain or show your work, that would be helpful! Thanks
Tagged with: gross pay • income statement • medical costs • Medicare • periods • salary • state tax rate • taxable income
Filed under: Health Insurance Updates
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This first hint is to look up rates you do not know, like FICA and Medicare. [Your worker does not exceed the maximum wages for the paying of FICA.] The next hint is to convert everything to a monthly basis. Then set up a spreadsheet [line by line to match your conditions], and plug and chug to do the arithmetic. You did not give any facts for union dues or "other", so they are zero for now. When you get to the bottom you will have net pay.