Total Biweekly Pay Periods In 2024

Understanding how many biweekly pay periods occur in a given year is important for both employees and employers. It helps with budgeting, payroll processing, and tax planning. For the year 2024, the number of biweekly pay periods is particularly noteworthy because of how the calendar is structured. Whether you’re an HR professional calculating payroll schedules or an employee planning your savings and expenses, knowing the total biweekly pay periods in 2024 can provide useful insight and clarity.

What Does Biweekly Pay Mean?

Biweekly pay means that employees are paid once every two weeks. This is different from a semimonthly pay schedule, where paychecks are issued twice a month. Under a biweekly schedule, employees receive 26 paychecks in a typical year, but every few years, that number increases to 27, depending on the calendar cycle.

Key Characteristics of Biweekly Pay:

• One paycheck every two weeks
• 26 or 27 pay periods per year
• Paydays often fall on the same day of the week (e.g., every other Friday)

Because 52 weeks in a year divided by two equals 26, most years include 26 biweekly pay periods. However, due to how the calendar aligns with pay cycles, some years like 2024 can include a 27th paycheck, depending on when your first payday of the year occurs.

Total Biweekly Pay Periods in 2024

The year 2024 has 366 days because it is a leap year. This extra day increases the likelihood of having 27 biweekly pay periods, especially if your organization’s first payday falls on January 1st or January 2nd and you pay employees every other week.

Standard Breakdown:

• Number of weeks in 2024: 52 weeks and 2 days
• Standard biweekly calculation: 52 weeks ÷ 2 = 26 pay periods
• Extra days: The additional 2 days can result in an extra (27th) payday, depending on the payroll cycle

When 27 Pay Periods Occur

If a company pays employees every other Friday and the first paycheck of the year falls on Friday, January 5, 2024, then the final payday of the year would be Friday, December 27, 2024. This results in exactly 27 Fridays. Therefore, 2024 will have 27 biweekly pay periods for employees on that payroll schedule.

Examples of Pay Period Start Dates and Pay Counts

Let’s examine a few scenarios:

Scenario 1: First payday on January 5, 2024

• Final payday: December 27, 2024
• Total pay periods: 27

Scenario 2: First payday on January 12, 2024

• Final payday: December 27, 2024
• Total pay periods: 26

The key factor in determining whether 2024 will have 26 or 27 pay periods is the date of the first payday. If it occurs early in the year, there will likely be an extra pay cycle.

Impacts of 27 Biweekly Pay Periods

A year with 27 biweekly pay periods can affect several financial areas for both employees and employers.

Employee Perspective

• Budgeting: Some months may have three paychecks instead of two, offering an opportunity to save more or pay off debt.
• Salary Calculations: If an employee’s salary is divided across 26 periods but 27 paychecks are issued, the per-paycheck amount may be adjusted.
• Withholdings: Benefits and deductions like health insurance or 401(k) contributions may need to be recalculated to align with the extra paycheck.

Employer Perspective

• Payroll Planning: Employers must budget for an extra payroll cycle in 2024, which can affect cash flow.
• System Adjustments: Payroll systems may need updates to handle the additional pay period correctly.
• Annual Salaries: If employees are salaried and paychecks are based on a 26-pay schedule, the additional period may require prorated adjustments or employer communication.

How to Prepare for 27 Pay Periods

Advance planning can ensure that a 27-pay-period year like 2024 goes smoothly. Here are some tips:

• Review your pay calendar early: Know in advance how many pay periods will occur and when they will fall.
• Communicate with staff: Notify employees about any changes to salary distribution, deductions, or benefits.
• Check with payroll providers: Ensure that your payroll software or provider can handle a 27th pay period without errors.
• Adjust benefits and deductions: If contributions are spread across paychecks, recalculate amounts to account for the extra period.

Comparing Biweekly with Other Pay Schedules

It’s helpful to understand how biweekly compares to other pay frequencies:

Weekly

• 52 pay periods per year
• More frequent payments, smaller per-paycheck amounts

Semi-monthly

• 24 pay periods per year
• Paydays typically on the 15th and last day of the month

Monthly

• 12 pay periods per year
• Larger checks, less frequent payouts

Biweekly pay provides a balance between frequency and check size, which is why many employers prefer it. But the occasional 27th pay period requires extra attention to detail.

Tax Year and Payroll Reconciliation

It’s important to note that even though there are 27 paychecks, it does not necessarily change tax brackets or overall taxable income unless an error is made. Employers must reconcile payroll records with year-end tax documents like Form W-2 to ensure accuracy.

If you’re a business owner or HR specialist, consult with your payroll service and tax advisor to properly document all payments and withholdings. Employees should also review their pay stubs and year-end summaries to confirm the amounts are correct.

In 2024, most biweekly payroll systems will include27 pay periodsinstead of the usual 26, due to how the calendar aligns. While this doesn’t happen every year, it’s essential to prepare for its financial impact. Employees should plan for months with extra paychecks, and employers must account for the additional payroll cycle in their budgets and systems. With proper planning and communication, both parties can benefit from the unique structure of the 2024 pay calendar.