by Paychex Bi Weekly Payroll Calendar 2023 – If you get paid every other week, there are usually two months of the year when you get three paychecks instead of two.
But as you will understand, 2021 is not a normal year for some workers. 3 months of salary in 2021: what you need to know
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For most of my career as a salaried employee, I was paid two weeks and received 26 paychecks a year. That’s two more than people who get paid twice a month.
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Every year, I pull out a calendar and identify the three pay months based on my employer’s payment schedule. But when I reviewed the 2021 calendar for biweekly workers paid on Fridays, I realized that this is not a typical year for everyone.
If you want to plan for next year, see my related article on three months of paychecks for 2022!
As I mentioned before, you typically get 26 checks a year when you get paid every other week. But there are actually 53 Fridays in 2021, so some people might get 27 checks instead of 26.
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When I did more research, I learned that this is called a “leap payroll year” and can result in one more payday than normal.
For some, this happened in 2020. But other people who are paid weekly or bi-weekly will be affected in 2021. This does not affect those who are paid monthly or bi-monthly.
Are you affected by the 2021 payroll leap year? If your first payment of the new year is January 1, it is possible. Your employer’s HR department can give you a clear answer and let you know how the 27th pay is handled.
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Now, here is the information I gathered about the three months of salary for 2021 if you get paid every other Friday.
If your first paycheck of 2021 is on Friday 8 January, the payroll leap year will not affect you. You will only receive two payments in January, and your three pay months are April and October 2021.
Of course, not everyone gets paid on Friday. But you can determine your three pay months for 2021 by pulling out a calendar, marking the pay days, and finding the months with three of them. Make a plan for your ‘extra’ wages
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To reach your savings goals faster, I recommend that biweekly earners build their budget based on getting two paychecks a month and nothing else.
This is something I always do to simplify the budgeting process. When I do my monthly budget, I set my projected monthly income based on getting two paychecks and not a penny more.
Once you’ve identified your three paycheck months, make a plan for how you’ll spend, save or invest the money. Here are just a few of the ways I’ve used my third paycheck in the past:
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What is your strategy for your three months of pay in 2021? Let me know in the comments below and check out this step-by-step guide to learn about my personal budgeting method.
I’ve been writing about money for over a decade and love discovering new ways to save! My areas of expertise include budgeting, streaming TV, cheap cell phone plans, credit cards and retail savings. You can contact me at [email protected] So your business is growing and you’re hiring. It’s an exciting time for sure, but it comes with a lot of questions—especially if you’re a first-time homeowner.
One of the questions you need to figure out before your employees start working is, “How often should I run payroll?”
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As a business owner, this is entirely up to you – but the most popular payroll schedule is bi-weekly. But what exactly does a payroll plan do? And is there a calendar you can follow? We’ll dive into all of this and more, so keep reading!
A biweekly pay schedule means that you pay your employees every other week on a certain day of the week. For example, you can send paychecks to employees every other Friday. Since there are 52 weeks in a year, the biweekly pay schedule has 26 pay periods during the calendar year.
According to the US
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In 2023, there are 26 payment dates on the biweekly schedule. Most employers use Friday as their pay date since holidays like Labor Day and Memorial Day fall on a Monday.
Here’s a free printable 2023 payroll template that you can use with Microsoft Excel or Google Sheets. (Just click “Make a copy” to get your version.)
If you want to make payroll processing even easier, check it out. The payroll platform automatically calculates wages and pays your employees, and takes care of your payroll taxes – reducing the time, energy and resources needed to manage payroll.
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To calculate gross pay for salaried employees, divide the total pay by 26 (the total number of pay periods).
For example, let’s say you have a full-time office worker who earns a salary of $44,200. When you divide $44,200 by 26, you get $1,700 in gross pay for each period (gross pay is the total amount paid to your employee before you withhold payroll taxes.)
Need to know how much they make per hour? Maybe you want to check if an employee is above the minimum wage set by the municipality, state or federal government?
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Divide their salary by 2,080 non-overtime hours per year. So for the example above, we’ll divide $44,200 by 2,080 hours. That comes out to $21.25 an hour.
For team members, you can calculate their pay like this: take the total number of hours worked between the start date of the pay period and the end date of the pay period – and multiply it by their rate.
So if you had a worker paid $15 an hour who worked 60 hours on his time sheet, his gross wages would be $900. Next, you’ll need to deduct payroll taxes, which include FICA (for Social Security and Medicare) and federal income tax.
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Let’s say the withholding tax for this employee includes 7.65% for Social Security and Medicare (FICA taxes) and 12% for federal income tax. This means you keep a total of 19.65% of gross pay, which comes to $176.85. Your net pay after taxes for your employee is $723.15.
When choosing which payroll plan, there are several factors to consider—including the amount of administrative work involved, industry standards, and employee preferences. Here are the most common ones and some things you might want to consider when choosing what to go with:
From the business owner’s perspective, less frequent payments are good because they involve less work. For example, using a monthly calendar means you only need to run payroll 12 times a year.
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Monthly payroll can be a more affordable option for companies that manage payroll themselves, which takes time and resources, or those that work with a payroll service provider that charges them each time they run payroll. wages. (However, if you have, you can make unlimited payroll — and pay your employees as often as you want.)
Finally, depending on the type of workers you hire and where you do business, you may be required to pay your employees more than once a month (you can view the full statewide payday requirements on the US Department of Labor. ), for example, you must pay employees at least twice a month.
This option is great for employees. This gives them an incentive to keep working each week and makes them feel more financially secure. Instead of watching their bank account dwindle throughout the month, it keeps recurring every week, which is a huge comfort.
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Weekly schedules are also great for workers in particular. They often have variable work schedules and find it much easier to see how much they have earned so far by being paid weekly. This can help them determine if they’re on track to pay their rent, bills and any other expenses — or if they need to buy more work before the month is out.
However, these schedules can require more admin work to do the weekly payroll processing – unless you have a service like , which will do it automatically for you, but often you want.
It is also the most used method. That means it’s a popular plan for many workers. So when you hire new employees, it’s more likely that they’ve experienced this pay frequency before, making this part of their transition seamless.
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Some months are longer than others, and this means that the payment may occur three times instead of two. If you start your biweekly pay schedule on Friday, January 6, 2023, your three pay months will be March and September.
As a host, you don’t need to plan too much for this because it happens automatically due to your payment schedule. However, it is good to be aware as your salary expenses will be higher for these two months.
When using a bi-weekly plan, most years have 26 pay periods. However, some years will have 27. Why is this? Well, calendar math can be
