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Are there 3 pay dates in December 2020? 4th, 18th, 25th?
What is 1st pay date in January 2021
Thanks from a riffed employee
6 replies (most recent on top)
Paycheck hit my Direct Deposit today. Paystub shows a 12/31/2020 date with YTD totals reflecting that this paycheck is indeed in 2020 for tax purposes.
The only items withheld from the check were State/Federal/FICA taxes and the 401k contribution. All other normally-withheld amounts show 0.00.
@1omg+18bzQe1i The most recent 2021 planner that I have shows Jan 1 with a payday dot.
My most recent paycheck on Advice Date 12/18/2020 shows that I have received my full 2020 annual salary amount and also shows my HSA Spend account contribution is at the final amount that I chose during benefits enrollment last year. So I expect the next upcoming paycheck will be the first paycheck for 2021.
That would make this year a 27 paycheck year, if they count it's 2020 for tax purposes. I hope they don't screw up and put an extra payment into my HSA and put me over the limit.
Honeywell Fiscal calendar shows Wednesday, Dec. 30 as final payday in 2020, most likely because Dec 31 is also a holiday in many SBG's.
Good question.
I have received 24 paychecks with the last on 11/20. The next two should be 12/4 and 12/18 to complete the 26 for the year. Add 14 days to 12/18 and you get 1/1/21, a holiday. Normally they deposit one day early but that would move a cash expenditure from 2021 back to 2020. It is already an accrued expense on the books though.
12/4, 12/18, 12/31, 1/15, 1/29 or
12/4, 12/18, 1/1, 1/15, 1/29
For cash flow there's no real difference. Either December is 3 paychecks or January is. The big impact would be on when it is taxable income for the employee.
**** Based on the HSA totals on my last check, there are two more deposits to meet the annual total selected. This suggests that the 12/31-1/1 check will be considered a 2021 check regardless of when it is deposited.