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Payroll for semi monthly pay means that the employees receive their wages twice a month, on a set date as for example the 1st and 15th or the 15th and 30th. Thus, there are 24 pay periods in a year. Semi-monthly pay provides pay periods that are identical on a regular … The method does away with some of the employee spending and makes budgeting for businesses easier, as well as simplifying it by giving employees predictable income. It is often used for employees paid on salary as the cycle of those payments generally pass through funds that might expense monthly such as rent, utilities, and car notes.
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Read us: https://accountingbyte.com/semi-monthly-pay-meaning/