ECONOMICS
PRICE CEILINGS AND FLOORS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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wages
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a salary.
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Either A or B
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None of the above
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Detailed explanation-1: -Bimonthly-twice per month In most states, paying employees twice per month is perfectly legal. However, some states don’t allow semimonthly payroll or both semimonthly and biweekly payroll.
Detailed explanation-2: -Biweekly pay describes when employees are paid every other week on a specific day of the week. For example, if you want to establish a biweekly pay schedule, you might choose to pay your employees every other Friday. Since every calendar year has 52 weeks, this results in a total of 26 paychecks per year.
Detailed explanation-3: -Semi-monthly employees receive a paycheck 24 times a year (twice a month for 12 months, equalling 24), whereas bi-weekly employees are paid 26 times in a calendar year (every other week for 52 weeks in one year).
Detailed explanation-4: -Larger paychecks: Though you only get paid twice per month, a bimonthly pay schedule yields larger paychecks. Keep in mind that even though your paychecks may be larger, you paid the same amount at the end of the year no matter your pay frequency.