Accounting, Payroll & Pension Issues/payroll
I have two questions for you:
1. We are on a semi monthly payroll. Our next pay is May 15, 2014. When we miss a day how is it calculated assuming we earn 30k per year. Is the daily rate based on total working days per year 114.94 (eg.,30k/261 days in 2014) or semi monthly rate /number of pay days for that period 113.63 (1250/11.
Also with respect to our acc'd vacation pay earned( April 2013 May 2014) it was calculated based on biweekly rates. Now we are semi monthly cycle, the vacation pay still gets paid on that biweekly rate?
It is not clear to me what you mean by "miss a day." If you are paying semi-monthly, and salaries are being paid which appears to be the case, there are no "days" involved. At $30,000 per year divided by 24 = $1,250 per pay period.
If by "miss a day" you mean when someone does not show up for work, then I would assume vacation days or sick days are used up. If someone's pay is then to be docked, I believe the way to calculate the amount is based on a per hour rate. 8 (hours per day) x 5 (days per work week) x 52 (weeks per year) = 2,080 hours per year. Annual salary divided by 2,080 = hourly rate x 8 hours per day = 1 day's pay.
As for vacation, you should calculate as described above on a per day rate. If, for example, vacation is accrued at a day per month, then the amount to accrue is as described above for 1 day's pay.