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How do you change a bi-weekly employee to semi-monthly in the mid year?
Wiki User
∙ 12y ago
The most important thing to determine if the STATE allows for the employer to pay their employees semi-monthly as each state is governed by their own pay day laws. The next thing is to give your employees at least 30 days notice for them to plan out their finances. Next to consider is what the advantage would be to change from BW to SM. Currently, the specific 40 hour work week can easily be calculated for overtime. With a BW pay period from Sunday to Saturday and Sun to Sat, then processing time the week after for a pay date on Friday is very routine and simple. A semi monthly pay period may end in the middle of the week. Then the next payroll you must determine if there is any overtime to be paid for that split week. This can become an ardous task to compare timesheets from one week/period to the next. With a semi-monthly, the cycle has to be decided. Will the pay period be the 1st to the 15th, then 16th to the end of the month? In this case when will the pay date be? Again, you must check on state requirements. Let's say the 1-15th is paid on the 15th. IF you have the ability to have direct deposit, the payroll would probably need processed 2-3 days prior to the pay date. Then to consider is the overtime of those days when you actually estimated the time. So then, you'll need to pay retro pay on the next payroll for those overtime hours. If however, you choose to pay on the 20th or the 25th, then you would have time to pay all employees with no lag time. Once the period is decided, you can not change at your whim. It must be posted so the employees know when their pay cycle will be paid. If you consider the above, in my humble opinion, a biweekly period is by far easier to manage. To actually change the pay period, choose when you want to start with the new cycle. A good start would be the first of the new year. So, if your first pay period in the new year is January 1st to the 15th, your pay date is the 15 to the 20th. Work backward from there. Is the current pay period ending this week or next... plan out each pay period until then. You may end up with a few extra days that you will have to give a separate extra pay period for the hours earned. The wages will not be considered supplemental wages, but will need to be calculated properly for the current pay period.
Wiki User
∙ 15y ago
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What are the most common pay periods?
Semimonthly, 24 times a year. Biweekly, 26 times a year. Weekly, 52 times a year. Monthly, 12 times a year.
What are the four most common pay periods?
Semimonthly, 24 times a year. Biweekly, 26 times a year. Weekly, 52 times a year. Monthly, 12 times a year.
How many times a month do you get paid if you are paid semi monthly?
If you're paid semimonthly, you're paid twice a month, or 24 times a year. Don't confuse semimonthly with biweekly, which is getting paid every two weeks, or 26 times a year.
What does semi monthly pay mean?
Semimonthly means an event occurs twice a month. This is not the same as biweekly (every two weeks) as a month usually has more than 28 days. There are 24 semimonthly payments in a year but 26 biweekly payments. This leads to the unpleasant situation known to all folks paid semimonthly of the dreaded three-weekend pay period which stretched the bank balance painfully.
When figuring an employees federal or state withholding does semimonthly mean you withhold taxes twice during a particular month as compared to biweekly?
Semimonthly - 24 pay periods a year Bi Weekly - 26 pay periods a year. Number of Withholdings an payovers equal pay periods
What is the difference between biweekly and semimonthly?
Semi-Monthly means twice per month. Bi-weekly means every two weeks. A Semi-Monthly cycle occurs 24 times per year. A Bi-Weekly cycle occurs 26 times per year.
What is the hourly rate for 22000.00 a year?
in a typical 40 hour work week 22000/year x 1 year/52 weeks x 1 week/40 hours = 10.58/hour you may try the calculator linked below to estimate pay in weekly, biweekly, semimonthly or monthly basis
If you make 38000 a year how much is that biweekly?
If you get paid biweekly, you get paid every other week, sooo, $38,000/26 or $1,461.54 biweekly.
How many paychecks does a person who is paid semimonthly receive each year?
A person who is paid semimonthly is paid twice a month, so that person should receive two pay checks each month. If you take two by the number of months in a year (12) you get 24. So a person who gets paid semimonthly should receive a total of 24 checks a year.
How many paycheck does a person who is paid semimonthly receive a year?
A person who is paid semimonthly is paid twice a month, so that person should receive two pay checks each month. If you take two by the number of months in a year (12) you get 24. So a person who gets paid semimonthly should receive a total of 24 checks a year.
What is 53000 a year biweekly?
$2,038
If i make 85000 a year what are my biweekly paychecks?
If your salary is 85,000 per year, your biweekly income will be $3,269. That is $7,083 per month.
