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

Re: Bi-Weekly pay check, how much a year?

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?
--
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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.


Retired6
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 Retired6
said by Retired6:

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???


61999674
Gotta Do What Ya Gotta Do
Premium
join:2000-09-02
Here
kudos:1
reply to SuperNet9
I sure hope a lot that have posted in this thread don't work in payroll or any financial field.
--
It is better to have it and not need it, than to need it and not have it.

ChiTang
Premium,MVM
join:2002-08-23
Alhambra, CA
kudos:1
said by 61999674:

I sure hope a lot that have posted in this thread don't work in payroll or any financial field.
Can you elaborate on that? Quote what they said and point out what they said wrong, perhaps.
--
I used to be indecisive, now I am not sure.


61999674
Gotta Do What Ya Gotta Do
Premium
join:2000-09-02
Here
kudos:1

1 edit
Well the one that jumps out "work two weeks for free" and the one you pointed out.


J E F F
Whatta Ya Think About Dat?
Premium
join:2004-04-01
Kitchener, ON
kudos:1
Reviews:
·Rogers Portable ..
reply to SuperNet9
I am going to assume that a lot of you(s) get your pay on a Thursday (true around here anyway) so next year I get 53 paychecks, and the bi-weekly people will get 27

A extra pay occurs once every 6-7 years.
--
"I think there is a world market for maybe five computers."
Thomas Watson, chairman of IBM, 1943


wilbilt
Pronto Resurrected
Premium
join:2004-01-11
Oroville, CA
said by J E F F:

I am going to assume that a lot of you(s) get your pay on a Thursday (true around here anyway) so next year I get 53 paychecks, and the bi-weekly people will get 27

A extra pay occurs once every 6-7 years.
I get paid once a month. Will I see extra pay next year?
--
We were taking a vote when the ground came up and hit us.


J E F F
Whatta Ya Think About Dat?
Premium
join:2004-04-01
Kitchener, ON
kudos:1
Reviews:
·Rogers Portable ..
I have a job that I get paid once a month..sadly, it's still 12 times a year.

I should have added, for those getting paid every two weeks, the 27 pays come every 13 years or so. If you are getting paid every 4 weeks, you'll get a 14th pay every 25 years or so.
--
"I think there is a world market for maybe five computers."
Thomas Watson, chairman of IBM, 1943

Langning
Premium
join:2003-04-28
Marlborough, MA
reply to SuperNet9
I believe for the (large) corporations, each exempted employee is given a salary figure. And HR estimates a set number of workable hours each year all the employees are expected to put in. In my company, the number is 1950 (that is 7.5 hours per day, 260 days per year). The workable hours include paid sick days and company holidays and/or jury duty days, etc.

Take the employee's salary and divide it by the total workable hours, you derive the hour rate (for payroll purpose and I get pay the 7.5 hrs each day regardless how many hours I actually put in). So someone who is making $19,500 a year would have a hourly wage of $10. So in this example, the weekly paycheck is $10 x 7.5 x 5 (days) or $375 per week. The bi-weekly paycheck would be $10 x 7.5 x 10 or $750.

The yearly income may vary due to pay period and closing date and rounding of individual paycheck. The salary remains the same. And annual salary does not equate to annual income.


ptrowski
Got Helix?
Premium
join:2005-03-14
Putnam, CT
kudos:4

1 edit
reply to SuperNet9
What did your offer letter say?
Please tell me you did not take your new job without knowing what/how you will be paid.

Bobcat79
Premium
join:2001-02-04
reply to Retired6
said by Retired6:

Being paid bi-weekly is good, as long as you're not paid on the 1st and 15th of every month.
Being paid on the 1st & 15th of the month is semi-monthly. That's entirely different from bi-weekly.

Bobcat79
Premium
join:2001-02-04
reply to Langning
I believe my employer does the following:

annual salary / 2080 = hourly rate

hourly rate * hours worked in pay period = gross paycheck amount

jay_rm

join:2002-04-12
Netville
reply to wilbilt
said by wilbilt:

I get paid once a month. Will I see extra pay next year?
Sorry - no.

Since you actually are motivated to be a wage earner, you will be required to redistribute part of your income to someone less motivated. Cuz the man said so.
--
3500/512 5.7 GHz Motorola Canopy Wireless; FoxValley.net
'It looks just like a Telefunken U47 !'

Bobcat79
Premium
join:2001-02-04
said by jay_rm:

you will be required to redistribute part of your income to someone less motivated.
That would be the managers at his company. Where do you think their big bonuses come from?

skwasha

join:2009-01-01
Los Angeles, CA
reply to SuperNet9
Here's a related question...

If yearly salary = $X, and year end gross pay (paid bi-weekly) shows $X-$0.06

a) where the heck is the rounding error coming in? I tried salary/2080 using different rounding variations but don't get there. So it must be somewhere else?
b) are there any standard rules/regs for this sort of thing? (yeah it's only $0.06, but it's *my* $0.06...)

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

1 edit
reply to SuperNet9
Yearly salary $X, bi-weekly paid will be P = $X/26.

If P ends in approximately xxxx.xx23, it will be rounded to xxxx.xx. After 26 paid checks, it will be short $0.06.

Added: you may sue the employer for cheating, or if the extra 6 cents bring you to the next tax bracket, you should be happen about it.

--
I used to be indecisive, now I am not sure.


AVD
Respice, Adspice, Prospice
Premium
join:2003-02-06
Onion, NJ
kudos:1
You would only pay the next bracket rate on the six cents. But if the .06 puts you over the maximum earnings for the stimulus, thenn you should be happy.


pog4
Premium
join:2004-06-03
Kihei, HI
reply to Bobcat79
said by Bobcat79:

I believe my employer does the following:

annual salary / 2080 = hourly rate

hourly rate * hours worked in pay period = gross paycheck amount
2080 hours per year for full time (40 hours/week) is accepted practice for calculations... but it doesn't really matter if you are paid bi-weekly because taxes are done on a cash basis.

IOW, suppose you got a paycheck last Friday... Jan 2nd. That's the first check of tax year 2009. The fact that your earnings are based on hours you worked in 2008 is not important. Most of the time you'll get 52 weeks of pay on your W2... sometimes you'll get 27.

The calculation is important for people paid semi-monthly on a salary non-exempt (from overtime) basis... should be a rare situation, I think. It also comes up for TDI claims.
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pog4
Premium
join:2004-06-03
Kihei, HI
reply to ChiTang
said by ChiTang:

If P ends in approximately xxxx.xx23, it will be rounded to xxxx.xx. After 26 paid checks, it will be short $0.06.
I believe decent accounting packages juggle the rounding so that errors don't accumulate.

Eg, if you make $50k in annual salary, then your bi-weekly gross will be $1923.08 most of the time and $1923.07 a few times to offset the error.
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