3. What percentage of Mary’s income does she spend on health insurance? Health Care on Minimum Wage WorksheetExample: Mary's Bi-Weekly Minimum Wage Paycheck in ArizonaEarningsRateHoursThis PayYear To DatePeriodRegular$5.8580$468Gross Pay$468$11,232DeductionsFederal Income$40.20ТахSocial Security$29.02Тах$6.79$4.02Medicare TaхState IncomeТаxHealth$26.54InsuranceNet Pay$361.43$8,674.32 Mary's Story:Mary is a high school graduate who decided to take a few years to work before entering college.She is no longer eligible for her parent's insurance and has signed up for her company's PPOhealth insurance plan. She pays $637 per year for her insurance premium, and has a $400 yearlydeductible. After she meets the deductible, her insurance will cover 80% of any treatment, whileshe will be responsible for 20% of the treatment. Her doctor visit co-pay is $15, her emergencyroom co-pay is $75, and her hospital co-pay is $100 for pre-approved admissions. Her co-paysfor prescription medications are $11 for generic drugs and $24 for preferred drugs. Mary doesnot get paid time off work.Mary has two roommates, and her share of the rent and utilities comes to $300 per month.Because she owns a used car, she has no monthly car payment, but she does pay $80 per monthfor car insurance and an average of $120 per month for gas, bringing her average monthlyраyexpenses to $500.

Answered: 3. What percentage of Mary’s income…

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3. What percentage of Mary’s income does she spend on health insurance

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16EA: An employee and employer cost-share pension plan contributions and health insurance premium...

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