A pay period is a recurring length of time over which employee time is recorded and paid. Understanding how your annual salary breaks down into individual paychecks is crucial for budgeting, calculating tax withholdings, and planning for recurring expenses like rent or mortgage payments.
Common Pay Frequency Types
Weekly: Employees receive 52 paychecks per year. This is common in trade industries and hourly roles.
Bi-weekly: Payments occur every two weeks, resulting in 26 paychecks annually. Note that in two months of the year, you will receive three paychecks.
Semi-monthly: Payments occur twice a month (usually the 1st and 15th), resulting in exactly 24 paychecks per year.
Monthly: One payment per month, totaling 12 paychecks.
Bi-weekly vs. Semi-monthly: What's the Difference?
Many people confuse bi-weekly and semi-monthly schedules. A bi-weekly schedule means you get paid every other Friday. Because there are 52 weeks in a year, you receive 26 checks. A semi-monthly schedule means you get paid on fixed dates twice a month, resulting in 24 checks. While the semi-monthly checks are larger, the total annual amount remains the same.
Example Calculation
If you earn an annual salary of $60,000:
Bi-weekly: $60,000 / 26 = $2,307.69 per paycheck.
Semi-monthly: $60,000 / 24 = $2,500.00 per paycheck.
Why Use a Pay Period Calculator?
Using a pay period calculator helps you identify your "take-home" baseline before taxes and benefits are deducted. It allows you to align your bill due dates with your cash inflow. If you are transitioning from a weekly to a monthly pay schedule, this tool helps you visualize the significant change in cash flow timing.
function calculatePayPeriod() {
var annualSalary = parseFloat(document.getElementById("annualSalary").value);
var periodsPerYear = parseFloat(document.getElementById("payFrequency").value);
var hoursPerWeek = parseFloat(document.getElementById("hoursPerWeek").value);
var overtimeHours = parseFloat(document.getElementById("overtimeHours").value);
if (isNaN(annualSalary) || annualSalary <= 0) {
alert("Please enter a valid annual salary.");
return;
}
if (isNaN(hoursPerWeek) || hoursPerWeek 0) {
var overtimePay = overtimeHours * (hourlyRate * 1.5);
grossPayPerPeriod += overtimePay;
}
// Display Results
document.getElementById("resGrossPay").innerText = "$" + grossPayPerPeriod.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("resPeriods").innerText = periodsPerYear;
document.getElementById("resHourly").innerText = "$" + hourlyRate.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("resDaily").innerText = "$" + dailyRate.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("ppResults").style.display = "block";
}