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Earning Income

Money Management

TermDefinition
Associate degree An undergraduate academic qualification that usually takes two years of full-time study to complete
Bachelor's degree An undergraduate academic degree awarded by a college or university after completing a course of study that typically lasts four years
Benefits An advantage, profit, or helpful effect gained from something
Compensation Receiving money, goods, or benefits in exchange for work, or as payment to make up for a loss, injury, or damage
Doctorate Degree The highest level of academic degree you can earn in most fields
FICA Federal Insurance Contributions Act, which is a U.S. federal payroll tax deducted from employee paychecks to fund Social Security and Medicare
Gross Income The total amount of money earned from all sources before taxes and any other deductions are removed
Income Tax A mandatory financial charge levied by governments on the earnings, wages, and profits of individuals and businesses
College Major Your primary and most focused area of study during an undergraduate degree program
Master's Degree An advanced, postgraduate academic qualification that you earn after completing an undergraduate bachelor's degree
Minimum Wage The lowest hourly pay that employers can legally pay workers
Payroll Deduction Amounts withheld from your gross earnings to cover taxes, benefits, and other obligations
PTO PTO most commonly stands for Paid Time Off, which is a policy where employers give workers paid rest days away from their jobs
Salary A fixed amount of money paid by an employer to an employee for work done
Wage A payment of money given to a worker in exchange for their labor or services
Created by: mbooth3200
 

 



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