Billpaywiki.com – How many pay periods in a year biweekly? Surely, it’s not 24 as semi-monthly pay or 52 as weekly pay. The biweekly system is based on the numbers of 2 weeks in a whole year, unlike the semi-monthly pay that is based on months and weekly pay that is based on weeks.
Understanding the biweekly schedule and how many times you’ll get your pay checks is important. Whether you are a new employee or entrepreneur that has just started your own business, a pay period needs to be considered.
By a simple definition, pay period can be described as a time frame to regulate when workers get their salary. In the US, biweekly pay is the most common compared to other systems.
In this article, we will elaborate about the biweekly pay period, including its calendar and the number of paychecks left in 2022.
Understanding Semi Monthly Pay vs Biweekly: Difference, Pros, and Cons
How Many Pay Periods in a Year Biweekly?
As mentioned above, the Biweekly system relies on the number of 2 weeks in a whole year. The total days in 1 year is 365, and 2 weeks consists of 14 days.
To count the total number of two weeks per year, we just need to divide 365 days with 14 days. The result is 26. There are twenty six 2 weeks in a year, so in the biweekly time frame, you’ll get your earnings 26 times a year.
The biweekly pay period should not be confused with the semi-monthly period. The semi-monthly period is based on months. Workers get their pay 2 times a month under this system. Every year, they get their paycheck 24 times as there are only 12 months in a year.
Pay Periods in a Year Biweekly Schedule
The biweekly pay schedule is decided on a specific day. It could be Monday, Tuesday, or Friday, depending on each company’s decision.
Here’s an example if a company pays their workers every Wednesday per 2 weeks.
You can get 3 pay checks for one month under this system. That’s why pay periods in a year biweekly is different than other systems.
A company that applies semi-monthly period will only pay their employees 2 times in December, and a company that implements a weekly period will give their workers 5 pay checks in the same month.
Let’s see another example below.
If the company decides that they will give workers their salary on Tuesday, it means that on December 2021, the workers will only get their pay 2 times a month. However, in the end, every worker will be granted their earnings 26 times. It’s just the numbers of pay checks are different for each month.
Biweekly Pay Calendar
A calendar with scheduled days to pay employees is very helpful for workers and employers. The workers will be able to see the days they will receive their earnings. This will help them budget their money evenly and avoid careless spending.
For business owners, a yearly biweekly payroll calendar will help them manage their expenses and plan a strategy to improve the company’s performance.
The calendar above is a 2022 pay period in a year biweekly. There are 2 months where workers receive 3 pay checks. For workers, this month can be their opportunity to save more money or to spend it for leisure activities. For employers, these 2 months should be anticipated because their expenses are increasing.
How Many Pay Periods Left In 2022
As 2022 will end soon, some of us may wonder how many pay checks we will still receive until December 2022? The answer is relative. There is no fixed answer as each company has their own specific day to pay their workers.
If the company pays their workers every Wednesday, you can see from the above image. You’ll receive 4 paychecks in November and December. But if the company chooses other days, then the result could be different.
How Many Pay Periods in a Year Biweekly 2023
The biweekly system gives the same amount of pay checks whatever the year is. Meaning, it’s the same 26 just like 2021, or the future in 2024 and further.
Here’s an example of the biweekly pay calendar year 2023.
Based from the calendar above, the workers will receive 26 pay checks until December 2023. In some months, workers receive 3 pay checks (January and August), but most of the time, they only get 2 pay checks.
After all, understanding pay period in a year biweekly is important for both workers and business owners. It will help them manage their economy and improve their plan.
We can even set a specific day to suit our yearly tradition. For instance, say you are an owner of a company in the US, you might consider implementing a biweekly pay with 3 paychecks in December. This will help your employees to celebrate Christmas and thrive Christmas-related business in this busy month.