2023 Payroll Calendar: Weekly, Monthly, & More

Every time a word with the prefix bi- in front of it comes up, make sure to look at the usage notes to understand and use the word in the most accurate and precise way. One of the most popular ways to speak with more clarity when using this word is to switch the prefix bi with the prefix semi. This makes it much easier to know what the person is talking about.

Deciding a pay frequency is crucial for businesses and needs to satisfy parameters about the state laws, employee needs, and operational budget. Before you go for a monthly, semi-monthly or a biweekly pay schedule, it is worthwhile to consult your HR team. While some pay schedules like biweekly may be convenient for employees, others like monthly or semi-monthly offer smoother calculations on the managerial end. Therefore, it is required to trace the pros and cons of each. The cons of biweekly pay center around the fact that employees may receive less pay in a given pay check than on a monthly pay schedule.

The Difference Between Semimonthly and Biweekly

You can deal with this by being more explicit about how you used the system, or by embracing it with a company-wide meeting if you have employees who are new to you. Since employees get to enjoy getting paid biweekly, they might choose to save more. They might even get ahead of their loan payments which can help lower their interest rate.

  • But what about when you’re at the mercy of English as it’s wielded by others?
  • Some months can have three Fridays on which you can receive pay.
  • If you are a borrower making biweekly payments to a lender, that means you are making payments approximately every fourteen days.
  • However, as a good practice, most employers plan accordingly and choose to pay on the preceding business day.

To calculate biweekly pay, you need to know your hourly wage. This is the amount paid for each hour of work before any taxes or deductions are withheld. In addition, depending on where you’re located and who you hire, you may be legally required to pay your workers more than once per month. But if you work with a lot of freelancers or independent contractors and your state permits monthly payroll, it might be beneficial. You’ll save time and money without disappointing your workforce as many of them are used to waiting at least 30 days to get paid.

How Much Will Your Biweekly Paycheck Be?

While biweekly can technically and lexically mean two different things, semi-weekly only has one singular meaning. Biweekly can mean twice a week or once every two weeks, but most people use it to refer to the latter. There are times, however, when a biweekly meeting on your work schedule may occur twice a week. For, as anyone who pays attention to our work surely recognizes, we are at the mercy of the language.

What does biweekly mean?

In addition to getting paid 26 paychecks per year, employees will get twice as much money on every paycheck compared to weekly pay. Such knowledge isn’t just necessary for individual receivers of paychecks but also for company HR managers. It becomes a pivotal part of the overall decision-making regarding how many people stay on the same pay cycle. If your effective income tax rate was 25% then you would subtract 25% from each of these figures to estimate your biweekly paycheck.

The 4-Minute Guide to How Biweekly Pay Works

OnPay also includes unlimited payroll runs, offers mobile access, and offers varying levels of system access. Employees can be paid by direct deposit, check, or debit card, and all the necessary payroll taxes are processed and remitted by OnPay. If you offer your employees benefits, you will also have to manage those benefits properly, including ensuring that deductions are processed properly each pay cycle. There are 26 pay periods in a year when you are paid bi-weekly. There are 26 pay periods in a year when you are paid bi­­­­­weekly. However, some people like to keep the hyphen in to stick as close to AP Style rules as possible.

Once you start the year, you’ll pay your employees once every two weeks. This might sound simple, but that means for two months out of the year, you’ll have three pay periods instead of two. Ultimately, this decision is up to you and the particular payday requirements in your state. Ideally, you’d choose a payday schedule that works well for your budget, resources and employees. To help you figure out your payroll frequency, we’ve created this handy payroll calendar. The term “bi-weekly” also means to repeat every two weeks (26 periods per year).

Hourly vs. salaried employees

This can be useful in helping employees to budget their finances with their biweekly pay. The pay period is a vital element of the payroll system. It regulates and determines how often the employees will get paid.