A biweekly pay schedule means you receive your paycheck every two weeks, usually on a specific Friday. This results in 26 pay periods per year. Understanding your take-home pay is essential for budgeting and financial planning.
The Biweekly Formula
Depending on whether you are salaried or hourly, the calculation differs slightly:
Gross pay is what you earn before any money is taken out. To find your actual take-home pay, you must subtract taxes (Federal, State, Local) and deductions (Health Insurance, 401k contributions). A common estimation for deductions in the United States is between 20% and 30% of gross income.
Example Calculation
If you earn a salary of $52,000 per year and have a 20% total tax/deduction rate:
Gross Biweekly Pay: $52,000 / 26 = $2,000.00
Taxes/Deductions: $2,000 × 0.20 = $400.00
Net Biweekly Take-Home: $2,000 – $400 = $1,600.00
Why Choose Biweekly Pay?
Biweekly pay is the most common pay frequency in the United States. One major benefit is the "Bonus Month" phenomenon. Since there are 52 weeks in a year, you receive 26 paychecks. Most months you get 2 checks, but two months out of every year you will receive 3 paychecks. These extra checks are excellent for boosting savings or paying down debt.
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