When you submit certain income sources to demonstrate that you qualify to rent a home with Up&Up, we ask you to indicate your "Pay Frequency," or an indicator of how often you you receive a pay check. In many cases, this is relatively straightforward (e.g. if you receive a pay check every week, select "Weekly"), but sometimes the different pay frequencies can get a bit confusing!
Here is an explanation of some of the commonly confused pay frequencies -
- Biweekly: This means that you receive a pay check once every two weeks, regardless of the timing within the month. If you're paid biweekly, you should be receiving 26 paychecks each year!
- Semimonthly: This means that you receive a pay check twice every month (e.g. once around the 15th of the month and once around the 30th of the month), regardless of the number of weeks in the month. If you're paid semimonthly, you should be receiving 24 pay checks each year!
- Bimonthly: This means that you receive a pay check once every two months. If you're paid bimonthly, you should be receiving 6 pay checks each year.
How can I tell if I'm being paid biweekly or semimonthly?
If you're confused about whether you're paid biweekly or semimonthly, you can use the following rules of thumb to help you decide:
- Do your pay checks always arrive around the same time in the month (e.g. around the 1st and around the 15th)?
- If your pay checks always arrive on roughly the same day of the month, it's likely that you're being paid semimonthly. Note that even if you're paid semimonthly, the exact date that you receive your paycheck may be slightly different if your usual pay day does not fall on a business day in a given month.
- If your pay checks arrive every 14 days, regardless of the day of the month, it's likely that you're paid biweekly.
- Are you paid a salary or paid hourly?
- If you receive a salary, it's more common to be paid semimonthly
- If you're paid on an hourly basis, it's more common to be paid biweekly
What if none of the pay frequencies apply to me?
If none of the listed pay frequencies apply to your situation, feel free to select "Other." In this case, we'll ask you to enter the gross amount that you receive in a typical month.
Still have questions about which pay frequency option to select? Send us an email at leasing@upandup.co and we'd be more than happy to help you out!