If you deduct benefits from your workers’ paychecks, a bimonthly schedule is a smart choice. Typically, these dates are the first and 15th of every month or on the 16th and the last day of every month. You’ll need to manage your deductions based on the 26 annual pay periods instead on a monthly basis.ĭownload Biweekly Payroll Calendar Template PDF BimonthlyĪ bimonthly payroll calendar is when you pay your employees on two specific recurring dates. Benefit deductions can be difficult to manage: If you offer benefits, such as health insurance and retirement, benefit deductions and pay periods won’t always match up.
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This means that sometimes paychecks your employees earn in one pay period will not be paid until the next pay period.
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You’ll find it much easier to do so when you track overtime on a weekly basis. Easier to calculate overtime: If you have employees who work overtime, you’ll need to pay them time and a half for their overtime hours, per the Fair Labor Standards Act (FLSA).If you have lower-wage workers or those with irregular schedules, this is a huge plus. Greater cash flow for employees: A weekly payroll calendar gives your employees access to their wages fairly quickly.