The Great Pyramid of Giza. The Hanging Gardens of Babylon. The Lighthouse of Alexandria. The 3rd paycheck of the month. These are all great wonders that have captured the imagination of humans for hundreds of years. While the seven wonders of the world are incredible, they can’t hold a candle to the 3rd paycheck of the month.
We wanted to take this special opportunity, which only happens twice a year, to dive into the details Scrooge McDuck style.
The first thing to remember with the 3rd paycheck of the month is that most of your standard deductions such as insurance premiums, association dues, HSA contributions, etc. are NOT taken out and therefore your paycheck will be higher than usual. This is especially important to remember as we head into the new budget year. Any raises you have received will kick in for the July 14th paycheck, however based on your circumstances, your 3rd paycheck of the month might be higher than your standard new paycheck with the raises included.
If all of that is confusing, just know this: if you are receiving a raise, you can rest assured that it will be reflected in your July 14th paycheck. Don’t get the ole undies in a bunch if your June 30th paycheck is higher.
The next 3-paycheck month will be December which will be great for holiday shopping and celebrations.
If you have any questions about the mechanics of this bi-annual phenomenon, our talented and prodigious HR professionals are standing by.