What is semi monthly?

Semi-monthly refers to a payment or occurrence that happens twice a month. Here's a breakdown:

• Frequency: It signifies two events within each month. These events are usually spaced around the 1st and 15th of the month, or the 15th and the last day of the month.
• Context: This term is commonly used in the context of <a href="https://www.wikiwhat.page/kavramlar/payroll">payroll</a>, where employees are paid two times per month. But it can also apply to other recurring payments like <a href="https://www.wikiwhat.page/kavramlar/rent">rent</a> or <a href="https://www.wikiwhat.page/kavramlar/loan%20payments">loan payments</a>.
• Difference from Bi-weekly: It's important to distinguish "semi-monthly" from <a href="https://www.wikiwhat.page/kavramlar/bi-weekly">bi-weekly</a>. Bi-weekly means every two weeks, which results in 26 pay periods per year, while semi-monthly always has 24 pay periods.
• Calculation: Calculations for semi-monthly payments often involve dividing the annual amount by 24. For example, if an annual salary is $60,000, the semi-monthly pay would be $2,500.