federal pay period calendar for 2023federal pay period calendar for 2023

The biweekly rate is computed by (1) dividing the applicable annual rate by 2,087 hours, (2) rounding the resulting hourly rate to the nearest cent, and (3) multiplying the hourly rate by 80 hours. As the employer, you dont need to plan too much for this since it happens automatically due to your payment schedule. According to the U.S. Bureau of Labor Statistics, 43% of businesses use the biweekly pay schedule, making it the most common payroll schedule. *4iT)4kF?&n=R)8'H5]_x_$fps.rCK|E^T9\Suga#wPA=T@ygT5*_8eoP- d$V1&xOT|dy\v'pFx7Y*?Cc Thus, the reservist differential for a pay period will be adjusted to account for any hours of paid time off. 5307. The table below provides the biweekly and annual premium pay caps for 2021 by locality pay area. %PDF-1.4 % There are two types of military leave that may be used by civilian employees during qualifying military active duty: In considering whether to use special military leave under section 6323(b) or to receive a reservist differential, employees should take into account the following facts: The employing agency must determine the projected gross amount of civilian "basic pay" that would otherwise have been payable to an employee for each pay period within a qualifying period if the employee's civilian employment had not been interrupted by military active duty. For example, in Atlanta, GA, the GS-15, step 10, annual locality rate of $151,275 divided by 2,087 hours yields an hourly rate of $72.48 and a biweekly rate of $5,798.40 ($72.48 x 80 hours). Similarly, the Executive Level V annual rate of $139,600 divided by 2,087 hours yields an hourly rate of $66.89 and a biweekly rate of $5,351.20 ($66.89 x 80 hours). 0000026051 00000 n The biweekly rate is computed by (1) dividing the applicable annual rate by 2,087 hours, (2) rounding the resulting hourly rate to the nearest cent, and (3) multiplying the hourly rate by 80 hours. WebList of 2023 and 2024 Federal Holidays. These caps become effective as of the first day of the first pay period beginning on or after January 1, 2009. Which Federal Employees hbbbd`b``3 0@ { The new pay rates became effective January 1, 2023, and employees should see the increases in their January 20 th pay checks. Atlanta-Athens-Clarke County-Sandy Springs, GA-AL, Cincinnati-Wilmington-Maysville, OH-KY-IN, Kansas City-Overland Park-Kansas City, MO-KS, Washington-Baltimore-Arlington, DC-MD-VA-WV-PA, Not in a Locality Pay Area (i.e. Reservist differentials would be reported as wages in box 1 of Form W-2 and in line 7 of Form 1040. hb``Pb``(! Here are the most common ones and some things you may want to consider when choosing which one to go with: From the business owners perspective, less frequent paydays are nice since they involve less work. The biweekly rate is computed by (1) dividing the applicable scheduled annual rate by 2,087 hours, (2) rounding the resulting hourly rate to the nearest cent, and (3) multiplying the hourly rate by 80 hours. The table below provides the biweekly and annual premium pay caps for 2019 by locality pay area. For example, in Atlanta, GA, the GS-15, step 10, annual locality rate of $170,800 divided by 2,087 hours yields an hourly rate of $81.84 and a biweekly rate of $6,547.20 ($81.84 x 80 hours). That said, a biweekly payroll schedule is one of the most popular options for a reason. For example, in Atlanta, GA, the GS-15, step 10, annual locality rate of $159,572 divided by 2,087 hours yields an hourly rate of $76.46 and a biweekly rate of $6,116.80 ($76.46 x 80 hours). Lets say the tax withholding for this employee includes 7.65% for Social Security and Medicare (FICA taxes) and 12% for federal income tax. These caps are effective as of the first day of the first applicable pay period beginning on or after January 1, 2004. 5547(a) and 5 CFR 550.105, General Schedule (GS) employees and other covered employees may receive certain types of premium pay for a biweekly pay period only to the extent that the sum of basic pay and premium pay for the pay period does not exceed the greater of the biweekly rate payable for (1) GS-15, step 10 (including any applicable locality payment or special rate supplement), or (2) the rate payable for level V of the Executive Schedule. 5538 to clarify that the reservist differential is not payable for periods following completion of active duty. The calendar link can be used to import federal holidays into any major calendar softwares including Microsoft Outlook, Apple Calendar, Google Calendar. Since one year has 52 weeks, the biweekly pay schedule has 26 pay periods during the calendar year.. 5538 for Federal tax purposes: OPM Policy Guidance Regarding Reservist Differential under 5 U.S.C. Federal government websites often end in .gov or .mil. j\GYb2+!S7Sjt;RIE92\U&_1m If you want to find out when your 27-period year is due, you can speak with a human resources specialist who can look at your previous records and let you know when youll need to add an extra payday to your schedule. However, some years will have 27.Why is that?Well, calendar math can be complicated. endstream endobj 188 0 obj <>/Metadata 4 0 R/Pages 3 0 R/StructTreeRoot 6 0 R/Type/Catalog/ViewerPreferences<>>> endobj 189 0 obj >/PageTransformationMatrixList<0[1.0 0.0 0.0 1.0 0.0 -396.0]>>/PageUIDList<0 203>>/PageWidthList<0 612.0>>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/StructParents 0/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 190 0 obj <>stream

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