Pay periods
A pay period defines how often employees are paid (pay frequency) and how many regular paychecks they'll receive in a year. An employee's pay frequency will also determine the portion of monthly deductions that are taken from each paycheck.
Types of Pay Periods
| Type | Pay Frequency | # of paychecks in year |
|
Semi-monthly |
Twice a month on two specific days of the month, e.g., 15th and 30th. |
24 paychecks |
|
Bi-weekly |
Every two weeks on a specific day of the week, e.g., every other Friday. |
26 paychecks |
|
Weekly |
Once a week on a specific day of the week, e.g., each Friday. |
52 paychecks |
|
Monthly |
Once a month on specific date, e.g., 30th. |
12 paychecks |