- Employees on a biweekly pay schedule will receive 26 paychecks in 2024
- 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. Even though it often appears seamless to employees, 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 for the professionals who don’t, manual payroll processing can take anywhere from 3–10 hours to complete each period. If you’re tired of spending time on manual payroll, 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 2024 Payroll Calendar Templates can make a world of difference for HR teams.
How to Use this Payroll Calendar Template?
This 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.
|Pay Check #||Biweekly Pay Date (First and Third Friday)||Biweekly Pay Date (Second and Fourth Friday)||Semi-Monthly Pay Dates||Monthly Pay Dates (Last Friday)|
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, biweekly, semi-monthly, and monthly. Biweekly pay periods are the most common with 43% of private U.S. businesses paying employees this way (Bureau of Labor Statistics).
How many pay periods in 2024 biweekly?
In 2024, 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 5, then there will be three paychecks distributed in March and August. If the first January paycheck is distributed on January 12, there will be an extra paycheck distributed in May and November.
What are semi-monthly pay periods?
When referring to semi-monthly pay periods, it means there are two pay periods per month, usually ending on the 15th and the 30th.
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.
Read our article: 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 isn’t in compliance, it can cost your business hefty fees in fines and litigation. When managing payroll information, you not only need to consider state and federal taxes, but also 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 automate your payroll processes and get help with complicated areas such as 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 you pay employees on time and avoid compliance missteps.