Computing Regular Rate of Pay - Semimonthly Salary Pay
The regular rate for an employee paid a semi-monthly salary is computed by breaking the salary into weekly portions. Thus, the salary is multiplied by 24 (the number of semi-monthly periods in the year) and divided by 52 (the number of weeks in a year). To find the regular rate, divide the weekly salary by the number of hours in a workweek. 29 C.F.R. § 778.113(b).

Example:
If an employee earns $700 semi-monthly and works 40 hours per week, the employee’s regular rate is $8.08: ($700 X 24)/52 = $323.08 weekly rate; $323.08/40 = $8.08 hourly rate.