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.
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