Which is my way of saying: a college degree doesnât guarantee success, and not getting a college degree doesnât guarantee failure. I just read a really nice article here on Forbes, Ten Smart Things I Learned From People Who Never Went to College.
These employees are usually put on a 40-hour workweek. To figure hours for a semi-monthly salaried employee, multiply 40 hours by 52 weeks, which comes to 2,080 hours. Then, divide 2,080 by 24 annual semi-monthly pay periods to arrive at 86.67 hours for the pay period. To figure salary for the pay period, divide annual salary by 24 semi-monthly pay periods.
That is why your accounting department may prefer semi-monthly pay periods, since the last paycheck of the month will typically coincide with the end of the month. For companies paying their employees biweekly, two months out of the year will have three pay periods instead of two.