Bi-weekly pay period
What Is a Bi-Weekly Pay Period? A bi-weekly pay period is a payroll structure in which employees receive wages every two weeks. This results in 26 paychecks annually, instead of the 24 payments typically seen in semi-monthly payroll systems. Key Details About Bi-Weekly Payroll Unlike semi-monthly schedules that align with calendar dates, bi-weekly payroll follows […]
Bi-monthly pay period
What Is a Bi-Monthly Pay Period? A bi-monthly pay period refers to a payroll schedule where employees are paid twice each month, typically on fixed calendar dates. This setup results in 24 paychecks annually for each employee and is often known as a semi-monthly pay schedule in payroll terminology. Understanding How Bi-Monthly Payroll Works Though […]
Backup withholding
What Is Backup Withholding? Backup withholding is a type of income tax withholding required in certain nonemployee payment situations. It typically occurs when a person or business receiving payment (the payee) either doesn’t provide a valid Taxpayer Identification Number (TIN) or the IRS notifies the payer that the provided TIN is incorrect. Why Backup Withholding […]
Back pay
What Is Back Pay? Back pay refers to money that an employer owes an employee for work that has already been completed but wasn’t properly compensated. This can occur due to wage miscalculations, wrongful termination, overlooked raises, or legal disputes involving employment laws. Understanding Back Pay and Why It Matters Back pay often comes into […]