Thank you for confirming to us the QBO product, version, the browser you're using, and your user access, @regadvisors1. These help me determine the root cause of this issue, and I've got the steps to achieve your goal. 

You won't be able to edit pay schedules from the Payroll Settings menu since you're using Premium Payroll. That's why you're unable to see the option provided by MaryLandT above. You'll have to go directly to the Workers menu so you'll be able to edit them. I'll guide you how. 

1. Go to Workers from the top menu. 
2. Select Employees. 
3. Choose an employee.
4. Click the Edit (Pencil) icon beside Pay. 
5. In the How often do you pay [employee]?, hit the Edit (Pencil) icon. 
6. Select or enter the correct pay period ending frequency.
7. Update the name of the pay schedule. 
8. Check the Use this schedule for employees you add after [employee] box. 
9. Choose an option if a new pay schedule will be created or the schedule will be updated for all employees listed. 
10. Hit Continue and click Done.

The screenshot below shows you the last five steps. Just repeat the process above for other employees' pay schedules. For detailed instructions, see the QuickBooks Online Payroll (all other versions) pay schedules section through this article: Managing Pay Schedules. 

Once done, you can now create paychecks for your employees using their updated pay schedules. This way, you'll be able to report their payroll and tax info to the appropriate agencies timely. 

Please know that I'm here anytime you have other concerns. Have a great rest of your day, @regadvisors1.