Financial Advisory Blog

Armanino’s Financial Advisory blog is your source for thought leadership around cloud ERP and accounting solutions and integrations. Supported by the Cloud Accounting Institute and numerous experts in cloud, finance, reporting, integration, compliance, and technology, Armanino’s Financial Advisory blog features must-read content on what’s happening in the finance industry, case studies, white papers, and much more.

July 23, 2020

For those whose income exceeds $100,000 annually, do I use the 8/52 formula or, since I’m a semi-monthly payer, do I divide by the 24 equal payments I make over the course of the year?

Posted by Armanino Financial Advisory Team

No, do not divide by the number of payments. Instead, the maximum amount allowable to be claimed for any employee is either 8/52 or 24/52 of $100,000, depending on the number of weeks in your Covered Period.

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