But that’s a Thursday-right in the middle of their workweek! So, what do you do? You split their paycheck over two periods.Īmong those 44 hours, 28 hours fall in one pay period (before March 30), while 16 hours in the current one (after March 30). You’re scheduled to pay them on March 30. That means employees will get different amounts every paycheck, and the math is a little trickier for you.įor example, let’s say you run a restaurant and you have an employee that works 44 hours in a typical workweek. You follow the semimonthly pay frequency, but pay periods can end in the middle of a workweek. For Hourly WorkersĬalculating the semimonthly pay for hourly workers differs from salaried employees because hourly employees don't receive a fixed annual salary. In other words, you’ll pay them a gross salary of $3,000 each pay period. When giving a semimonthly paycheck to a salaried employee, you divide their annual gross salary by 24-the total number of pay periods.įor example, say you pay a salaried employee $72,000 annually using a semimonthly payroll calendar. The calculation for semimonthly pay differs for salaried employees and hourly workers. Just click “Make a copy” to start working on your own. Here’s a free printable 2024 Semimonthly Payment Schedule Template you can use with Google Sheets or Microsoft Excel. Now that we’ve answered this burning question, let’s take a closer look at the 2023 semimonthly payroll schedule calendar. ![]() That means employees get 24 paychecks every year. Only 18% of employers use a semimonthly pay frequency, making it the second least popular pay schedule after monthly (used by only 4.4% of employers).ĭoes that mean it's an awful pay schedule to use?īut what kind of business setup is best for a semimonthly payroll schedule? We’ll cover all that and more, so let’s dive in! What Is a Semimonthly Pay Schedule?Ī semimonthly payment schedule is where you pay workers twice a month on specific pay dates-usually on the 1st and the 15th or on the 15th and the last day of the month. Should you adopt a semimonthly payroll schedule for your company? That's a great question.
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