Pay Period
A fixed period is scheduled for paying the employees their salaries. The pay period also consists of the time consumed to track the employee's work hour records.
Monthly Pay Period: Employees receive 12 paychecks per year.
Semi-Monthly Pay Period: Employees receive 24 paychecks per year.
Bi-Weekly Pay Period: Employees receive 26 or 27 paychecks per year.
Weekly Pay Period: Employees receive 52 or 53 paychecks per year.