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Richard Bollard
Guest
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| Posted: Thu Nov 25, 2004 6:05 am
Post subject: Re: Residual income |
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On 23 Nov 2004 22:16:28 -0800, R H Draney <dadoctah@spamcop.net>
wrote:
| Quote: | Tony Cooper filted:
I'm surprised the "bi-" and "semi-" terms haven't come up here before.
They are misleading terms, to say the least.
Some companies pay employees every other Friday. We call this
bi-weekly. Some companies pay employees on the 1st and the 15th of
every month. We call this "semi-monthly". Weekly is weekly.
I'm sure there are companies that pay on alternate Thursdays or on the
5th and the 20th, but the above are pretty standard.
Used to get paid on the 7th and 22nd...along about 1980 that employer switched
to a fortnightly schedule...most noticeable effect was that some calendar months
(the division preferred by landlords and utility companies) had three
paydays....
Current employer does the same, and at one time everyone who worked in our
office knew which months would have a third payday...the idea of "twenty-six
paydays per year" had the force of a Law of Nature; things like accrued vacation
time assumed it...Fridays that we got paid were different in a fundamental way
from "off" Fridays...the bosses even brought in fresh bagels on the Wednesday
before a payday...I printed wall calendars with a fourteen-day "week" to make
the distinction obvious....
Then came 1988, with 53 Fridays, 27 of them paydays...the world crumbled a bit
that year....r
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It should be a 12 year cycle over which there are 313 pays. We used to
work out fortnightly gross pay by calculating the annual amount x 12 /
313.
--
Richard Bollard
Canberra, Australia
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Peter Moylan
Guest
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| Posted: Thu Nov 25, 2004 6:05 am
Post subject: Re: Residual income |
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Richard Bollard infrared:
| Quote: | On 23 Nov 2004 22:16:28 -0800, R H Draney <dadoctah@spamcop.net
wrote:
Then came 1988, with 53 Fridays, 27 of them paydays...the world crumbled a bit
that year....r
It should be a 12 year cycle over which there are 313 pays. We used to
work out fortnightly gross pay by calculating the annual amount x 12 /
313.
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From what I've read in this thread, it's starting to look as if
Australia is the only country where fortnightly pay (almost invariably
on a Thursday) is the norm. In fact, 'norm' is too weak a word; it's
near universal, if I'm permitted to assume that only this country is
in the universe, and it's been that way for as long as I can remember.
I still recall getting the less pleasant meals (fried liver for dinner,
bread soaked in milk for breakfast) during "off pay week" in my
childhood.
This financial year, as it happens, is one of those not-so-common years
having 27 paydays, and it turns out that that means that the tax
office rules for withholding tax will result in lots of people
getting a tax bill at the end of the year when they would normally get
a refund. We have been given the option of having extra tax withheld
to compensate for this.
I'm ignoring the option, because I'd rather pay my taxes later rather
than sooner. It seems, however, that most people would rather have
more withheld, so that they can get the "bonus" of the refund cheque
at the end of the tax year.
If that reflects the average person's understanding of economics,
our recent election results become less surprising.
--
Peter Moylan peter at ee dot newcastle dot edu dot au
http://eepjm.newcastle.edu.au (OS/2 and eCS information and software) |
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Dylan Nicholson
Guest
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| Posted: Thu Nov 25, 2004 6:06 am
Post subject: Re: Residual income |
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"Peter Moylan" <peter@seagoon.newcastle.edu.au> wrote in message
news:slrncqbr6r.fdu.peter@EEPJM.newcastle.edu.au...
| Quote: | Richard Bollard infrared:
It should be a 12 year cycle over which there are 313 pays. We used to
work out fortnightly gross pay by calculating the annual amount x 12 /
313.
From what I've read in this thread, it's starting to look as if
Australia is the only country where fortnightly pay (almost invariably
on a Thursday) is the norm. In fact, 'norm' is too weak a word; it's
near universal, if I'm permitted to assume that only this country is
in the universe, and it's been that way for as long as I can remember.
|
I've been paid montly in my last two jobs, and my wife is also.
I assumed that as of the last 5 years, at least in the IT industry, monthly
pay is the norm.
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Richard Bollard
Guest
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| Posted: Fri Nov 26, 2004 12:09 pm
Post subject: Re: Residual income |
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On 25 Nov 2004 03:31:54 GMT, peter@seagoon.newcastle.edu.au (Peter
Moylan) wrote:
| Quote: |
This financial year, as it happens, is one of those not-so-common years
having 27 paydays, and it turns out that that means that the tax
office rules for withholding tax will result in lots of people
getting a tax bill at the end of the year when they would normally get
a refund. We have been given the option of having extra tax withheld
to compensate for this.
I'm ignoring the option, because I'd rather pay my taxes later rather
than sooner. It seems, however, that most people would rather have
more withheld, so that they can get the "bonus" of the refund cheque
at the end of the tax year.
If that reflects the average person's understanding of economics,
our recent election results become less surprising.
Some employers have "recommended" this so that the innocent wage |
earner pays the extra tax by default. I think that some personnel
departments are trying to avoid the inevitable "you mucked up my tax"
complaints at the end of the year.
--
Richard Bollard
Canberra, Australia |
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