dslreports logo
site
 
    All Forums Hot Topics Gallery
spc

spacer




how-to block ads


Search Topic:
uniqs
27773
share rss forum feed


SuperNet9
Go Ninja,Go Ninja Go..
Premium
join:2002-10-08
Harwood Heights, IL
kudos:5

1 edit

Bi-Weekly pay check, how much a year?

If someone gets paid $1,923.00 Bi-weekly how much is that a year?

A friend of mine told me $50k a year but I can't seem to figure it out..

I figure that is 24 pay checks
so $1,923.00 * 24 = $46454.00

Am I wrong or is he?
--
Comcast HSI 16/2 / MagicJack - VoIP / at&t iPhone 3G /
»www.ChicagoMaximaClub.net - Nissan Maxima Club



MrFixitCT
pay it forward
Premium,VIP,ExMod 2001-06
join:2000-12-01
Charleston, SC

there are 26 2 week periods in a year.. $49998.00



SuperNet9
Go Ninja,Go Ninja Go..
Premium
join:2002-10-08
Harwood Heights, IL
kudos:5

said by MrFixitCT:

there are 26 2 week periods in a year.. $49998.00
Crap your right, thanks!
--
Comcast HSI 16/2 / MagicJack - VoIP / at&t iPhone 3G /
»www.ChicagoMaximaClub.net - Nissan Maxima Club


MrFixitCT
pay it forward
Premium,VIP,ExMod 2001-06
join:2000-12-01
Charleston, SC

yw



CylonRed
Premium,MVM
join:2000-07-06
Bloom County
reply to SuperNet9

And I assume that is gross pay - not net pay.



SuperNet9
Go Ninja,Go Ninja Go..
Premium
join:2002-10-08
Harwood Heights, IL
kudos:5

said by CylonRed:

And I assume that is gross pay - not net pay.
Yea
--
Comcast HSI 16/2 / MagicJack - VoIP / at&t iPhone 3G /
»www.ChicagoMaximaClub.net - Nissan Maxima Club


Vtblues
if you can't get out of it, get in to it
Premium
join:2006-05-29
Brookfield, VT
reply to SuperNet9

There are rare years when bi-weekly checks can bring 27 checks in a years, like if payday falls on Jan 2nd of a leap year. This happen to Vermont state employees a few years ago, really messed up the budget as they had only allowed for 26 paydays.
--
I'm folding and crunching to try to help prevent stories like »Update on my son who has cancer



Banker

@gci.net
reply to MrFixitCT

said by MrFixitCT:

there are 26 2 week periods in a year.. $49998.00
But that rounds down to $0.00 right?


MrFixitCT
pay it forward
Premium,VIP,ExMod 2001-06
join:2000-12-01
Charleston, SC
Reviews:
·Comcast Formerl..
·Home Telephone
·AT&T DSL Service

said by Banker :

said by MrFixitCT:

there are 26 2 week periods in a year.. $49998.00
But that rounds down to $0.00 right?
huh?


Greg_Z
Premium
join:2001-08-08
Springfield, IL
reply to SuperNet9

Bi-Weekly Pay Periods are considered 13 month Payrolls, which means that 2 months out of the year, you have 3 paychecks, or 26 paychecks total. Still is the same whether you are paid 52 checks, 24 checks, or 1 check a year for the wages worked.



AVD
Respice, Adspice, Prospice
Premium
join:2003-02-06
Onion, NJ
kudos:1
reply to Vtblues

said by Vtblues:

There are rare years when bi-weekly checks can bring 27 checks in a years, like if payday falls on Jan 2nd of a leap year. This happen to Vermont state employees a few years ago, really messed up the budget as they had only allowed for 26 paydays.
But that means the year before or the year after there is one less pay period.


Greg_Z
Premium
join:2001-08-08
Springfield, IL

No, means all years have the same Pay accounting period, it is just that if the company started their pay period later then normal, there can be a roll over in accounting purposes through the 1st week of the next year.

Your last check for a Bi-Weekly pay period always states the pay accounting period when you get to year end, so that you know that will be the last check showing on the closing of Tax Year for employees W-2's. Company Fiscal year may be different then pay.



Phil
Rojo Sol
Premium
join:2001-06-11
Downers Grove, IL
kudos:2

1 edit
reply to SuperNet9

Assuming full-time: $1923/80 = 24.0375/hour. 24.0375 * 2088 = $50,190.30/year. 2088 being the number of work hours in 2008.


ChiTang
Premium,MVM
join:2002-08-23
Alhambra, CA
kudos:1

In a year, 52 weeks and 1 day or 52 weeks and 2 days (leap year). The extra day will be paid in the next years. So per yearwise it is still 26 paid checks totalling at $49980.00. Roughly every 12-13 years, there will be a 27 pay check year and it will be $51921.00.
--
I used to be indecisive, now I am not sure.


casimir81

join:2001-12-05
Everett, WA

1 edit
reply to SuperNet9

Weekly = 52 pay periods in a year
Bi-weekly or every two weeks = 26 pay periods in a year (no static payday, just every 14 days)
Semi-monthly or twice a month = 24 pay periods in a year (a static payday, ie. the 5th and the 20th every month)
Monthly = 12 pay periods in a year
Bi-monthly or every two months = 6 pay periods
Semi-annually or twice a year = 2 pay periods
Yearly = 1 pay period in a year

As to why someone would want to get paid once a year, I don't know, but it better be in advance because I would not want to work all year and get paid on the 31st of December. But this is how we were taught in payroll accounting. There are various equations to figure what someone being paid one way is actually being paid in another way, ie. to convert bi-weekly to monthly, or annually, etc. Hope this helps.



Greg_Z
Premium
join:2001-08-08
Springfield, IL

Already covered, and thanks for bringing this back to top after it got buried.



Doctor Four
My other vehicle is a TARDIS
Premium
join:2000-09-05
Dallas, TX
reply to SuperNet9

Ours where I work is semi-monthly, on the 7th and 22nd. So that means today is a payday for me.


ChiTang
Premium,MVM
join:2002-08-23
Alhambra, CA
kudos:1

said by Doctor Four:

Ours where I work is semi-monthly, on the 7th and 22nd. So that means today is a payday for me.
That means the CO is holding your money to collect interest for 7 days. I'll ask for a raise.
--
I used to be indecisive, now I am not sure.


Rob
In Deo speramus.
Premium
join:2001-08-25
Kendall, FL
kudos:2
Reviews:
·Comcast
reply to MrFixitCT

said by MrFixitCT:

said by Banker :

said by MrFixitCT:

there are 26 2 week periods in a year.. $49998.00
But that rounds down to $0.00 right?
huh?
He made a funny.

ChiTang
Premium,MVM
join:2002-08-23
Alhambra, CA
kudos:1

The IRS will round it to $100,000.00.



whizkid3
Premium,MVM
join:2002-02-21
Queens, NY
kudos:9
reply to Greg_Z

said by Greg_Z:

Bi-Weekly Pay Periods are considered 13 month Payrolls, which means that 2 months out of the year, you have 3 paychecks, or 26 paychecks total.
What is nice about bi-weekly, is that you tend to budget for two paychecks a month. Then in those two months a year, three paychecks come along. Its like getting extra money.


Greg_Z
Premium
join:2001-08-08
Springfield, IL

Or in my line of work, you get to explain that even though the NCP got paid 3 times in one month, why you still only get the amount ordered. Talk about an argument that cannot be won.


sandylee54

join:2008-11-08
reply to SuperNet9

You are both wrong. It's 46,152.00 per year. You take 1,923 times 2, then take the doubled monthly amount times 12 and you'll get 46,152.00 per year. 1923.00x2= 7692.00 per month, then take 7692 x 12 = 46,152.00 per year. I hope that this helps you. Sandy



wilbilt
Pronto Resurrected
Premium
join:2004-01-11
Oroville, CA

said by sandylee54:

You are both wrong. It's 46,152.00 per year. You take 1,923 times 2, then take the doubled monthly amount times 12 and you'll get 46,152.00 per year. 1923.00x2= 7692.00 per month, then take 7692 x 12 = 46,152.00 per year. I hope that this helps you. Sandy
...those figures don't look quite right...
--
We were taking a vote when the ground came up and hit us.


freeze
I'm not even Greek
Premium
join:2001-05-13
Ohio
reply to sandylee54

said by sandylee54:

You are both wrong. It's 46,152.00 per year. You take 1,923 times 2, then take the doubled monthly amount times 12 and you'll get 46,152.00 per year. 1923.00x2= 7692.00 per month, then take 7692 x 12 = 46,152.00 per year. I hope that this helps you. Sandy
Your calculations are true assuming each month has only 4 weeks

1 year = 52.177457 weeks


Cabal
Premium
join:2007-01-21
Reviews:
·Suddenlink
reply to sandylee54

said by sandylee54:

You are both wrong. It's 46,152.00 per year. You take 1,923 times 2, then take the doubled monthly amount times 12 and you'll get 46,152.00 per year. 1923.00x2= 7692.00 per month, then take 7692 x 12 = 46,152.00 per year. I hope that this helps you. Sandy
In what country do you live where there are only 48 weeks in a year?
--
Interested in open source engine management for your Subaru?

ChiTang
Premium,MVM
join:2002-08-23
Alhambra, CA
kudos:1

1 edit

1 recommendation

reply to sandylee54

said by sandylee54:

You are both wrong. It's 46,152.00 per year. You take 1,923 times 2, then take the doubled monthly amount times 12 and you'll get 46,152.00 per year. 1923.00x2= 7692.00 per month, then take 7692 x 12 = 46,152.00 per year. I hope that this helps you. Sandy
The concept/method is wrong, the calculation is also wrong. My daughter in third grade can do better than that. Not to mention a bi-weekly paid X 2 does not equal to a monthly paid. I have never seen sooo many mistakes in one simple calulation.

I guess whoever implement spell check in this site is not that good.

Another strong evident that weman are bad in maths.
--
I used to be indecisive, now I am not sure.


Retired
Premium
join:2002-11-09
Earth
Reviews:
·Time Warner Cable
reply to SuperNet9

Being paid bi-weekly is good, as long as you're not paid on the 1st and 15th of every month.

Many people who are paid on the 1st and 15th of every month do not realize that when the end of the year rolls around, they ended up working a total of 2 weeks for free.



MrFixitCT
pay it forward
Premium,VIP,ExMod 2001-06
join:2000-12-01
Charleston, SC

Usually, in this case, the annual salary is divided up in 24 increments.. They don't work for free..



AVD
Respice, Adspice, Prospice
Premium
join:2003-02-06
Onion, NJ
kudos:1
reply to Retired

said by Retired:

Being paid bi-weekly is good, as long as you're not paid on the 1st and 15th of every month.

Many people who are paid on the 1st and 15th of every month do not realize that when the end of the year rolls around, they ended up working a total of 2 weeks for free.
How???