Payroll Calendars 2019 – Have you ever wondered how your salary is being computed? Most of the time we directly look at the amount on our pay slip and trust that the accountants are doing their job right. Undoubtedly, these professionals behind our salaries are trained well to fulfill this task, but it is also good that we have the knowledge on how salaries are being computed in instances it may come handy.
There are many factors to consider on computing our income. First is the amount of the salary disclosed in our contract, then the number of hours or days completed, tardiness, absences, over time, bonuses, other deductions such as tax, health care and life insurance and many more. Before we even go through the mathematical side, the most important part we must know is the payroll calendar of a company and how it works.
Payroll calendar is the duration the working days that serves as basis for the computation of the salary of each employee. Different companies may prefer different system depending on their rules. There are four basic system being used depending on the payment terms discussed with each employee, these are weekly, bi-weekly, semi-monthly and monthly payroll calendars.
A weekly payroll calendar results 52 paychecks a year as it pays every week usually on the last working day of the week. Bi-weekly payroll pays every other week, this system is the most commonly used by big companies all over the world. A semi-monthly calendar pays twice a month with different intervals and a monthly system will give you 12 paychecks in a year, given at the beginning or end of the month.
By knowing about payroll calendars, it will be easy for you to do the math of your salary. Believe it or not, the computation can be a basic math once you get to know which system your company use. It’s important to know all these details as soon as the application process, so you will know what to expect and when to expect your salary.
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Payroll References and Resources
- IRS Publication 15 (Employer’s Tax Guide) (.pdf) at www.irs.gov – The official source for information about payroll taxes in the US.
- Record Keeping Requirements for Employers at www.dol.gov
- Payroll 101 at payroll.intuit.com – A pretty good summary of payroll requirements and options, but obviously biased towards the use of Intuit’s service.
- American Payroll Association at AmericanPayroll.org – A great source of information for everything payroll related.