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This question is about salaries.
How does biweekly pay work?
Biweekly pay is a compensation schedule that consists of employees being paid every two weeks, and usually on a specific day of the week.
Biweekly pay schedules are the most common pay period used by employers. This sees employees being paid on a set day every other week. When employers use a biweekly payroll calendar, their employees are paid with 26 paychecks per year, and 27 paychecks in a leap year.
When employers use a biweekly pay schedule they take their employee's gross pay (this is the total amount the employee has earned before any deductions) for the two-week pay period, and then take out taxes, Social Security, and other deductions before arriving at the employee's net pay figure (the amount of money the employee receives after deductions).
Common examples of deductions include:
Federal taxes
State taxes
Social Security contributions
Medicare contributions
Health insurance premiums
Retirement contributions
The exact amount of pay and pay date for an employee on a biweekly pay schedule varies, depending on the specific employer's payroll schedule and policies.
Other pay schedules employers use include:
Weekly
Monthly
Daily
Hourly
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