- Bi-weekly pay periods are most common among private employers
- Employees on a bi-weekly pay schedule will receive 26 pay checks
- HR software can help streamline payroll for employers
You don’t need us to tell you that a business can’t run without payroll. Employees give their valuable time in exchange for a salary to be paid consistently. And payroll management requires a lot of attention to detail. There are state and federal taxes to consider, vacations, holidays, direct deposits, overtime calculations, payroll records and more. Many companies use HR software to streamline the payroll process and avoid errors, but for professionals who don’t, manual payroll processing can take 3-10 hours to complete each period.
That’s why we offer a bi-weekly payroll calendar to help you track pay periods and paydays. It may sound simple, but tools and resources like this 2022 payroll schedule template can make a world of difference for single and multi-person HR teams.
Bi-weekly pay periods
Each company has its own reasons for paying its employees when they do. Although pay periods are mandatory in some states, other employers may choose a frequency that best suits their specific cash flow or business needs. Common pay periods are weekly, bi-weekly, semi-monthly and monthly. Bi-weekly pay periods are the most common, with 36.5% of US private companies paying their employees this way.
In this year 2022, those who are paid every two weeks will receive 26 paychecks. If the first paycheck of January was run on January 7, three paychecks will be distributed in April and September. If the first paycheck of January was run on January 14, there will be an additional paycheck issued in July and December.
Fun Fact: According to Merriam Webster, the words bi-weekly and fortnightly can mean the same thing. Bi-weekly means twice a month, as bi- means to occur every two, or to occur twice within. This is how fortnightly means twice a month, or every two months.
Why is it important to keep accurate payroll information?
Keeping accurate payroll records is required by federal law. And, if your payroll isn’t compliant, it can cost your business dearly in fines and litigation. Not only do you have to consider federal and state taxes, but also the policies of the Family and Medical Leave Act (FMLA); and the Fair Labor Standards Act FSLA as well.
RELATED: Payroll Compliance in 2022: What You Need to Know
How Paycor helps
Paycor’s payroll software is an easy-to-use yet powerful tool that saves your team time. When you’re able to automate your processes and get help with complex areas like payroll tax compliance and worker compensation, you can spend more time making strategic decisions. Contact us today to learn more about how our expert payroll and tax solution can help you pay your employees on time and avoid compliance missteps.
How do I use this payroll schedule template?
This calendar provides the start and end dates of the pay periods as well as the pay days. Use this calendar to help you stay on track, or share it with employees so they know when they’ll get paid.
|pay period||Due date||Payment date||No.|
|12/12/21 to 12/25/21||12/29/21||07/01/22||1|
|26/12/21 to 08/01/22||12/01/22||01/21/22||2|
|09/01/22 to 22/01/22||01/26/22||02/04/22||3|
|01/23/22 to 02/05/22||02/09/22||02/18/22||4|
|02/06/22 to 02/19/22||02/23/22||03/04/22||5|
|02/20/22 to 03/05/22||03/09/22||03/18/22||6|
|06/03/22 to 19/03/22||03/23/22||01/04/22||7|
|20/03/22 to 02/04/22||04/06/22||04/15/22||8|
|03/04/22 to 16/04/22||04/20/22||04/29/22||9|
|04/17/22 to 04/30/22||04/05/22||05/13/22||ten|
|05/01/22 to 05/14/22||05/18/22||05/27/22||11|
|05/15/22 to 05/28/22||01/06/22||10/06/22||12|
|29/05/22 to 11/06/22||06/15/22||06/24/22||13|
|06/12/22 to 06/25/22||06/29/22||08/07/22||14|
|06/26/22 to 07/09/22||07/13/22||07/22/22||15|
|07/10/22 to 07/23/22||07/27/22||08/05/22||16|
|24/07/22 to 06/08/22||10/08/22||08/19/22||17|
|08/07/22 to 08/20/22||08/24/22||02/09/22||18|
|21/08/22 to 03/09/22||07/09/22||09/16/22||19|
|04/09/22 to 17/09/22||09/21/22||09/30/22||20|
|09/18/22 to 10/01/22||05/10/22||10/14/22||21|
|02/10/22 to 15/10/22||10/19/22||10/28/22||22|
|16/10/22 to 29/10/22||02/11/22||10/11/22||23|
|30/10/22 to 12/11/22||11/16/22||11/23/22||24|
|13/11/22 to 26/11/22||11/30/22||12/09/22||25|
|27/11/22 to 10/12/22||12/14/22||12/22/22||26|