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Regular Contributor
timber
Posts: 131
Registered: ‎09-28-2007
0

Monthly Gross Income (Biweekly or Annual Salary/12)

Quick question... I'm paid biweekly, so when determining my monthly gross income, is it 2 X my biweekly pay or is it my annual salary divided by 12? I hope it's the latter, because obviously biweekly pay is a little less with 2 additional pays for the year. Thanks for any help figuring this out.
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llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: Monthly Gross Income (Biweekly or Annual Salary/12)


timber wrote:
Quick question... I'm paid biweekly, so when determining my monthly gross income, is it 2 X my biweekly pay or is it my annual salary divided by 12? I hope it's the latter, because obviously biweekly pay is a little less with 2 additional pays for the year. Thanks for any help figuring this out.

Well, biweekly should be your gross pay x 26 paydays so as to equal your annual salary. That should equal your annual salary divided by 12 months.

 

You can't multiply your biweekly pay by 2 to equal your monthly salary, because there are more than 4 weeks in a given month (except this month). Now if you were paid semi-monthly then it would by x 2 paydays to equal monthly pay.

Regular Contributor
timber
Posts: 131
Registered: ‎09-28-2007
0

Re: Monthly Gross Income (Biweekly or Annual Salary/12)

Thanks Illecs, I completely understand the biweekly X 26 = annual salary. I just wasn't sure if a LO used the gross on 2 biwwekly paychecks to calculate my monthly gross, because I look at it like I get paid twice a month 10 months out of the year and every 6 months I get an extra pay. It's probably just my distorted way of looking at it. :smileyhappy:

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