What Is The Difference Between Semi Monthly And Bi Monthly
What is the difference between Biweekly and a Bimonthly? The difference between these two payment plans is subtle, but important. With a bi-monthly payment plan, the borrower makes 24 payments a year (two every month) that equal the same amount as 12 regular, monthly payments.
Another solution is to avoid the bi-compounds altogether and come right out with it: "twice a week," "every other month." As writer or speaker, you can choose to avoid ambiguity by using a semi- compound when you mean "two times per," or by using a phrase instead of a single word.
Biweekly DOES NOT MEAN twice a week. Twice a week is SEMI-WEEKLY. BI = every two -Bi-weekly = evey two weeks -Bi-monthly = every two months -Bi-yearly [Bi-annually] = every two years. Semi = half -Semi-monthly = twice per month (roughly every two weeks in perspective to a month, meaning it is not exactly 14 days)
The difference between a semimonthly and a biweekly payroll is that the semimonthly one is paid 24 times per year, and the biweekly one is paid 26 times per year. A semimonthly payroll is paid twice a month, usually on the 15th and last days of the month.
A semi-monthly payroll doesn't have the rigid structure of a weekly, bi-weekly, or even a monthly payroll schedule. This flexibility allows for the salary expenses to easily fit into the expected budget so that tracking is a lot easier. It also means that the actual task of processing the payroll
Another difference between semimonthly vs. biweekly pay is what day of the week you run payroll and which day employees receive their paychecks. If you run a biweekly payroll, employees receive their wages the same day each pay period.