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How Biweekly Pay Schedule Works? An All-inclusive Guide

The choice is yours, but don’t forget to adjust it, otherwise you will be over-deducting from your employee paychecks, which will create additional work and a lot of unhappy employees. By changing their payroll calendar, employers can increase their profits and save on payroll taxes. On the other hand, biweekly pay gives employees extra money to save and spend. Basically, biweekly pay refers to the biweekly pay schedule.

  • The biweekly pay system means that the boss will submit a total of 26 paychecks per year.
  • Although this is an acceptable synonym for biweekly, it’s not a common term for American English speakers.
  • A biweekly period begins with Monday and ends with Sunday.
  • Although not as commonly used, biweekly may also refer to a magazine or newspaper that publishes once every two weeks.
  • Biweekly pay is a salary or wage paid every two weeks, usually on Fridays.

Ultimately, it’s critical you consider what your competitors are doing, and what makes the most sense for your employees, when choosing a pay period. Your decision might vary depending on the size of your HR team, whether you can find a payroll provider with fair payroll fees, and whether your employees are salaried or hourly workers. Biweekly pay means that you are paid every two weeks for the hours worked within the two week pay period you are being paid for.

Does biweekly mean twice a week or every other week?

We cannot include a space between the prefix and the root word. There are also many similar words to biweekly, like biennial for intervals happening every two years or bi-hourly for breaks happening every second hour. 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. For example, if you use the word semiweekly, you can be referring to something that happens every Monday and every Thursday.

Use our biweekly pay calculator to calculate your income each pay period given an hourly, daily, weekly, semi-monthly, monthly, quarterly, or annual wage. In fact, in the U.S., the Bureau of Labor Statistics states that 43% of businesses use a biweekly pay schedule. If you hire a lot of new employees on a regular basis, a biweekly schedule might be your best bet.

Words that may be confused with biweekly

Interestingly, though, 34.9% of companies with under 10 employees pay weekly as compared to 33.7% that pay biweekly. Companies with 10 or more employees most often pay biweekly. Learn more about all the different options when it comes to payroll frequency. Biweekly pay schedules result in employee payments every two weeks, but in some months, that means three paychecks. Otherwise, you’ll need to calculate your tax bracket and determine how much you need to pay, then divide that by 26, since there are 26 biweekly pay periods each year.

Employee Benefits

A biweekly pay schedule is the payment of employee wages every two weeks, often on a Friday. For example, if, in October 2021, your employees received their paychecks on Friday, Oct. 8 and Friday, Oct. 22, you paid them biweekly. Sometimes employers stick with the biweekly payment plans. Sometimes, they adjust the individual paycheck amounts to account for the extra cycle, so that the entire burden of the extra payday does not fall on one pay period. In such cases, the HR managers’ job is to inform the employees that their paychecks’ adjustment is temporary and that it shall return to normal the following year. Bi-monthly or semi-monthly pay periods are the same and occur twice every month.

How Much Will Your Biweekly Paycheck Be?

That’s why to word biweekly is so essential — it details a regular event that may not happen on the same periodic basis as many other kinds of events. With 52 weeks in a year – plus a day – week differences (or gaps) are interesting. We enjoy looking at time-spans both in weeks and in years plus days. We use the week difference calculator much like we use the day difference calculator – easily benchmark overlapping times. Payroll mistakes can lead to unhappy workers and hefty fines.

Though many businesses opt to pay their employees on Friday, as an employer, you can choose the day that your employees will get paid. The name “biweekly” evokes the image of a person working every two weeks. Biweekly pay has been commonly used for paying teachers’ salaries since it equates to a 26 pay checks per year. In contrast, people who work on a monthly payroll only receive 12 paychecks per year. Since a year has 52 weeks, there will be 26 paychecks in a biweekly pay schedule.

It is much feasible to calculate overtime pay in a biweekly payroll as compared to a bi-monthly or a semi-monthly. The significant difference between a semi-monthly and a biweekly payroll is that there are 24 paydays in a semi-monthly period and 26 in a biweekly one. Depending on the number of payrolls per year, the semi-monthly payroll is efficient and hence, preferred. But employees like being paid twice each month as it suits their budget and financial management. However, other experts would say that biweekly pay schedules should still be your go-to for your hourly employees because it’s easier for your business to track. Some experts argue that weekly pay schedules help hourly employees better track how much overtime they worked in a week.

Biweekly pay is payment of salary created on the basis of every other Friday. Typically, biweekly pay schedule translates into 26 paychecks in a year. Employers may prefer to use this pay schedule, in order to organize and divide the tax and benefit deductions up in a shorter i forgot to send my contractors a 1099 period than the 26 pay period per year. The nature of a biweekly payroll allows employees to effectively increase their pay without actually raising their base salary. Employers can adapt their payroll calendar to accommodate this since there are fewer pay dates each year.

As explained above, the most significant difference between the two is in the number of payment cycles- constant for bi-monthly and variable in case of biweekly. Let’s go over how to spell “biweekly” when using it in our writing. Some people get stumped as to whether it’s one or two words. It might even work as a hyphenated form, so this article will look into the answer for you.