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What are the Payroll and Pay Periods for a given year?
There can be up to 52 pay periods per year or as few as 12. Employers decide the number, unless the state or workplace has specific requirements for paydays. The owner of the business must weigh the cost of paying employees with the financial requirements of their employees.
Weekly pay is divided into 52 pay periods each year and is often employed by employers who employ hourly workers.
Employees receive 26 paychecks each year, with a biweekly pay schedule. Based on the calendar year, there are sometimes 27 pay periods, which can increase payroll costs. Biweekly pay can be received by employees who are salaried or on an hourly basis.
Employers may decide to pay employees on the first or 15th day of each month, or on the 16th or last day. Semimonthly pay is 24 pay periods and is the most frequently used method for salaried workers.
What's different about the Payroll Calendar in 2021?
There are 53 Fridays in 2021, meaning that some employees can expect 27 biweekly paychecks throughout the new year.
It will be contingent on whether your company sends paychecks out to employees on Friday, January 1 (which is a holiday). It is the first day of three months in which employees will receive three pay checks in a single month. If this is true, then the remaining three paycheck months in 2021 will include July and December.