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Payroll vs Benefits Calendar for FY2024
We are a weekly payroll processing company, our weekly payroll calendar is Monday to Sunday with Check/Payment date following Thursday.
Regards to 2024 calendar, the first payroll period is 12/25/2023 to 12/31/2023 since the check date 01/04/2024 is falling in 2024.
Since all first payroll period work days are falling in 2023, do we need to consider 2023 benefits or 2024 benefits (from open enrollment) for the first payroll pay-week.
I understand based on the check-date 01/04/2024 earnings will be all under 2024 W2, however regards to the benefits do we need to consider 2023 elements or 2024 elements (from open enrollment).
If I need to consider FY24 benefits for first payroll period all the FY24 elements needs to active effective 12/25/2023 instead of 01/01/2024, Is this correct ?