Differences Between Bi-weekly and Semi-Monthly

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Information about Differences Between Bi-weekly and Semi-Monthly
Finance

Published on February 18, 2014

Author: SurePayroll

Source: slideshare.net

Description

Not sure about the differences between bi-weekly payroll and semi-monthly? Your decision impacts more that just when employees get paid.

The Differences Between BiWeekly & SemiMonthly Payroll It’s Like Comparing Apples & Oranges

Agenda  Terminology Bi-Weekly Semi-Monthly  Considerations Bi-Weekly Semi-Monthly  Calculate Your Payroll

Terminology: Bi-Weekly Payroll vs Semi-Monthly Bi-Weekly Semi-Monthly  Occurs Every 2 Weeks  Occurs Twice a Month  Typically 26 Times Per Year  24 Times per Year  Generally 80 Hours Each Pay Period  86.67 Hours Each Pay Period

Bi-Weekly Payroll Considerations Pluses Predictable for Employees Usually Easier to Run Minuses Doesn’t Coincide with Calendar Months Some Months Require 3 Payroll Runs Can Cause Challenges with Monthly Budgets

Semi-Monthly Payroll Considerations Pluses Less Payroll Processing (24 vs 26) No Extra Payroll Runs in Leap Years Minuses Employees May Like to Be Paid More Often

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