Leap Day Adds Extra Paycheck in 2008
SAN ANTONIO, Feb. 29 /PRNewswire/ -- An extra day, an extra paycheck. The extra day or "leap" day added to February could mean many workers will get one more paycheck than usual in 2008. "In an average year, most days are repeated 52 times. In 2008, however, two days will repeat 53 times -- Tuesday and Wednesday," said Dan Maddux, executive director of the American Payroll Association. "Employees that are paid on either a Tuesday or Wednesday may get an extra paycheck in 2008." For salaried employees the leap day likely means a smaller paycheck all year. To compensate for the extra payday, companies will likely reduce salaried individual paychecks throughout the year to 'pay' for the extra paycheck. Most salaried individuals are promised an annual salary, not a specific amount each paycheck. Not all employees will receive an extra paycheck in 2008. Employees should talk to their payroll departments to see if their pay will be affected by the leap year. A recent study by the American Payroll Association shows that 67 percent of employees live paycheck to paycheck. A reduction in an employee's paycheck amount caused by the leap year, although minor, might make it difficult to make ends meet. Lots of programs offered through payroll departments can help employees save and reduce their overall tax burden. Employees can visit the National Payroll Week Web site, http://www.nationalpayrollweek.com, for tips to stretch their paycheck.
SOURCE American Payroll Association
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