Multiply your biweekly paycheck by 26, since there are 26 two-week periods in a year. A $2,500 biweekly paycheck equals $65,000 annually. Don't multiply by 24, which is a common mistake — that's for semi-monthly pay (twice a month), not biweekly (every two weeks).

Biweekly pay is received every two weeks (26 paychecks per year), while semi-monthly pay is received twice a month on set dates like the 1st and 15th (24 paychecks per year). Biweekly results in two extra paychecks per year and two months with three paychecks. The annual total is the same, but individual check amounts differ.

With biweekly pay, you receive 26 paychecks spread across 12 months, meaning two months each year will have three paydays instead of two. These extra paycheck months are great opportunities to boost savings, pay down debt, or build an emergency fund since your regular budget is based on two paychecks per month.