Generally, Justworks pays exempt salaried employees on the 15th and last day of every month. This is NOT bi-weekly. Therefore, there are 24 payments in a calendar year. To calculate the salary, take the annual amount and divide by 24.
Example: $50,000.00 (annual) / 24= $2,083.33 each pay-cycle (pre-tax)
However, non-exempt salaried employees are paid on a biweekly pay schedule, to coincide with hourly employees. This is because, as they are non-exempt, their hours need to be tracked using the timecards feature as well. These employees are paid biweekly, on every other Friday, for work performed the two weeks prior.
Example: $50,000.00 (annual) / 26 = $1,923.07 each pay-cycle (pre-tax)
Employers also do have the option to use the Exempt/Non-Exempt Wizard to move all of their employees to a biweekly pay frequency. In this scenario, exempt salaried employees would be paid along that frequency as non-exempt salaried employees, but would not require their hours to be tracked.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.