Semimonthly
Twice per month on fixed dates — 24 paychecks per year.
Definition
A semimonthly pay schedule pays employees on two fixed calendar dates per month, producing exactly 24 paychecks per year. The most common dates are the 15th and the last business day of the month. Semimonthly is favored by banks, insurance carriers, technology companies, utilities, and consulting firms because it aligns naturally with monthly accounting closes. Each paycheck represents exactly half a month's salary, making autopay setups predictable. Semimonthly is often confused with biweekly but they are distinct: semimonthly produces identical-amount checks every period and always 24 per year; biweekly produces 26 per year with two three-paycheck months.
Example
An employee earning $96,000 per year on a semimonthly schedule receives $4,000 on the 15th and $4,000 on the last business day.
Related terms
- Pay period — The recurring window of time covered by a single paycheck.
- Pay frequency — How often paychecks are issued.
- Payday — The calendar day wages are deposited.
- In arrears — Wages paid after the pay period ends.
- Biweekly — Every other week — 26 paychecks per year.
- Gross pay — Total earnings before any deductions.
See also
- Pay schedule calculator — convert salary to per-paycheck amount
- Pay frequencies primer — weekly, biweekly, semimonthly, monthly
- Frequently asked questions