This is Alpha, the first-born, when he was 2YO.
This is Beta, the second-born, when he was about 2YO.
This is Gamma, the third-born, when he was about 18MO.
Leap Pay
Sep
11
2008
I work for a company that pays on the bi-weekly schedule. This means I get a paycheck every two weeks. This differs from the semi-monthly schedule in that I get 26 paychecks a year instead of 24 (52 weeks / 2 instead of 12 months * 2). The interesting part is that the withholdings are done on some sort of a monthly basis. So two months a year, we get 3 paychecks in that month and the 3rd paycheck is larger than the other 2 in that month because there are no medical or retirement deductions. Taxes are still withheld – there’s no escaping taxes.
The even more interesting part occurs in a year and a half – there will be 27 pay periods in that year. The paychecks are issued every other Friday. In 2010, January 1st is a Friday, and it happens to be the “on” Friday for the company. The year ends with another Friday on December 31st. See this calendar or count how many paydays there are on the calendar below.
In 2016 it will happen again. And 2021 too. And it happened in 2004. I never paid attention to that before. Since each year is 52.17 weeks, and I’m getting paid for only 52 weeks each year, it makes sense to have an extra paycheck every few years. By my calculations, there should be an extra paycheck every 5.6 years.
I would much rather have a semi-monthly paycheck, or even a monthly paycheck. The problem with the bi-weekly paycheck is that no other financial operations work that way (okay, you can setup a bi-weekly mortgage payment, but that’s not standard). My mortgage is due on the first day of every month. My car payments are due on certain days of the month. Sometimes I get a paycheck on the first, sometimes it is on the third. If it’s on the third, then I have to make sure my bills from the end of the previous month get delayed. The bi-weekly paycheck system requires more planning on the part of the employee to manage bill paying (or less planning with a larger balance or buffer in the checking account).
If you are involved in payroll somehow and have to decide which system to use, don’t go with bi-weekly.
“You shall give him his wages on his day before the sun sets, for he is poor and sets his heart on it; so that he will not cry against you to the LORD and it become sin in you.”
– Deuteronomy 24:15
This little article thingy was written by Some Guy sometime around 7:15 am and has been carefully placed in the Finance category.
September 11th, 2008 at 8:44 pm
Or we could just live life like my fantastic 5 year old says – Mommy, wouldn’t you like it if everything costed no money? Yes, dear, that would be great.
September 11th, 2008 at 9:15 pm
Communists.
September 12th, 2008 at 6:02 am
Red is my favorite color after all.
September 12th, 2008 at 10:52 am
Ah, then Li’l Nyet must be your favorite comic!
September 12th, 2008 at 11:13 am
I like the bi-weekly pay because I try work the budget around two paychecks per month. Twice per year, when there are 3 pay periods in a month, the extra check is like a bonus!
September 12th, 2008 at 11:25 pm
Prices are one of the most beautiful things in the world. Teach your children to love them.
March 5th, 2013 at 4:07 pm
Your calendar isn’t correct, 2016 is a leap year, though that doesn’t effect the pay periods.
March 6th, 2013 at 12:03 pm
The calendar is a 2010 calendar, so I agree that it would not be correct for 2016.