Semi-monthly pay periods are commonly used for salaried employees. Most confusion with pay periods revolves around the difference between semi-monthly pay period schedules & bi-weekly pay schedules. Weekly or Bi-weekly payment of wages is required. If you receive a paper check, this is the date that is printed on the check. The Pay Period field on your pay statement shows the first and last days of this two-week pay period. The period of time that the employee performed work is the pay period. Semi-monthly pay periods usually go from the 1st-15th of the month and from the 16th to the end of the month and equal 24 pay periods in a year. For example, if an employee worked from June 1st to the 15th, that stretch of time is the pay period. The weekly pay period is preferred by some, though it can mean more expenditures for a company to pay weekly, since it means each week an employee or employers must figure out payroll, and cut and sign checks.There are also some disadvantages for the employee who gets paid weekly, if they’re not … Weekly pay periods generate approximately 52 paychecks per year. Semi-Monthly Pay Period. Generally, employees must be paid at least twice per month. Simply put, the payback period is the length of time an investment reaches a … Work performed between the 16th and the last day of the month must be paid between the 1st and 10th of the next month. pay within 30 or 45 days of receiving the invoice; or after receiving delivery (depending on your policy). 15 New Hampshire. For a more detailed example, please refer to the calendar above. If there is not an established time period or time when wages are due and payable, the pay period is presumed to be semimonthly in length. Payday designated by employer. The payback period refers to the amount of time it takes to recover the cost of an investment. Semi-monthly or monthly payment of wages are available upon written permission of the NHDOL. Pay Date. Pay Periods Calendar 2021 – The pay period is the interval of time between an employee’s paychecks. Work performed between the 1st and 15th of the month must be paid between the 16th and 26th of the month. 14 Nebraska. Let's cover this by breaking it down : semi-monthly is when you issue payments twice a month (12 months x 2 = 24 pay periods/year) vs. bi-weekly is when you issue payments every two weeks (52 weeks in a year/2 = 26). The average pay period on a semi-monthly basis spans approximately 86 hours. Pay periods are the beginning and ending dates that represent the period in which employees worked or earned wages. Common intervals for pay periods include weekly, bi-weekly, monthly, and semi-monthly. Let’s say your bi-weekly pay period is December 21, 2014, to January 3, 2015. Pay Period. It is important to note that the longer coverage period means that employers will have to maintain their employees salaries and hours for a longer period of time. If the check is issued on the 16th, this is the payday. Definition: The pay period basic or base pay based upon an employee's pay plan, grade/level, step/rate, and occupational series, before adding any additional supplement. Pay Period Law and Legal Definition. A salaried employee gets the same amount of pay and on the same day(s) of the month. If you have direct deposit, this is the date your pay arrives at your bank account. For GS employees, enter GS base pay amount, law enforcement officer special base pay amount, or retained pay amount; do not include locality pay or special rate supplement. Having the ability to pay at the end of a certain period after receiving the deliverables provides you with time to receive payment from those that owe you money, time to make more sales, or even time to secure financing. The employee’s working time is tracked to determine how much they are paid. The coverage period begins when your business receives the PPP funds from the lending institution, regardless of whether you are using the eight-week period of the 24-week period. If your paycheck date is in January 2015, the wages should be reported in 2015.