The pay frequency you receive your salary determines how many paychecks there will be during the course of the calendar year. There is simple math behind it.
If you’re getting bi-weekly, you will receive 26 or 27 paychecks in a year – in total. Also known as semi-monthly pay frequency, bi-weekly payments are made twice a month, usually at the middle and the end of the month. There are 52 paychecks for an employee who’s getting pay on a weekly basis, and 12 for monthly payments.
How to process payroll?
Before processing payroll, you need to adequately calculate the gross income of the employee before any taxes. Since this might take some time, we suggest using a payroll calendar to prepare this information in advance and save yourself more time to then calculate the taxes.
There are two taxes that goes into every employee’s paycheck. These are Social Security and Medicare taxes. After these taxes are taken out, you can then figure out how much federal income tax needs to be withheld using the Form W-4 the employee provided along with the Publication 15-T (withholding tables) and take that out as well.