- Employees on a biweekly pay schedule will receive 26 paychecks in 2023
- Biweekly pay periods are the most common among private employers.
- HR software can help streamline payroll processing for employers
You don’t need us to tell you that a business can’t run without payroll. Employees contribute their valuable time in exchange for a consistent paycheck. But, even though it often appears seamless on their end, payroll management requires a lot of attention to detail. There are state and federal taxes to consider, vacation time, holidays, direct deposits, overtime calculations, payroll records and more.
Many businesses use HR software to streamline the payroll process and prevent errors but of the professionals who do not, manual payroll processing can take anywhere from 3-10 hours to complete each period. Are you curious about what it might take to never worry about payroll again? Paycor can help.
We’re providing these payroll calendar templates to help you keep track of pay periods and paydays. It may seem simple, but tools and resources like these 2023 Payroll Calendar Templates can make a world of difference for HR teams.
Biweekly pay periods
Every business has its own rationale for paying employees when they do. Although pay periods are mandated in some states, other employers can choose a frequency that is best for their cash flow or specific-business needs. Common pay periods include weekly, bi-weekly, semi-monthly, and monthly. Biweekly pay periods are the most common with 36.5% of private U.S. businesses paying employees this way.
How many pay periods in a biweekly year 2023?
In 2023, if you will be managing a traditional biweekly pay schedule, those who are paid biweekly will receive 26 paychecks. Employees will receive two paychecks in 10 of the 12 months and three in two of the months.
If the first January paycheck runs on January 6, then there will be three paychecks distributed in June and September. If the first January paycheck is distributed on January 13, there will be an extra paycheck distributed in July and December.
What are semi-monthly pay periods?
When referring to semi-monthly pay periods, it means that there are two pay periods per month, usually ending on the fifteenth and the thirtieth.
HR Pro Question: Aren’t semimonthly and biweekly the same? Sort of. And yet no. You see, biweekly can be semimonthly but semimonthly can’t be biweekly.
What is a monthly pay period?
In a monthly pay period schedule, employees receive 12 paychecks per year, or 1 per month, usually on the last day of the month.
Related: Pay Frequency Requirements by State
Why is it important to keep accurate payroll information?
Keeping accurate payroll records is required by federal law. And, if your payroll is not in compliance, it can cost your business hefty fees in fines and litigation. When managing payroll information, not only do you need to consider state and federal taxes, but Family and Medical Leave Act (FMLA) policies; and the Fair Labor Standards Act FLSA as well.
How Paycor helps
Paycor’s payroll software is an easy-to-use yet powerful tool that gives your team time back. When you are able to automate your payroll processes and get help with complicated areas like payroll tax compliance and workers’ comp, you can spend more time on strategic decision-making. Contact us today to learn more about how our expert payroll processing and tax solutions can help any business owner pay employees on time and avoid compliance missteps.
How to use this Payroll Calendar Template?
These downloadable payroll calendar templates provide examples of common processing days and paydays. If these dates align with your schedule, use these calendars to help keep you on track or share with employees so that they know when they will get paid.
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