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Earning Income

TermDefinition
associate degree an undergraduate college program that typically takes two years of full-time study to complete
Bachelor's Degree 4 year Degree
Benefits advantages, helpful effects, or extra payments and services provided to an individual
Compensation Compensation means something given or received as an equivalent for services, loss, injury, or suffering
FICA FICA stands for the Federal Insurance Contributions Act, a mandatory U.S. federal payroll tax that funds Social Security and Medicare
Gross Income the total amount of money earned from all sources before any taxes or deductions are removed
Income Tax a mandatory government levy charged on the financial earnings and profits of individuals and businesses.
College Major your primary field of study and the specific subject area you choose to focus on and specialize in to earn your degree
Masters Degree 6 year program
Minimum Wage the lowest hourly pay that an employer can legally pay a worker.
Payroll Deduction the amounts withheld from an employee's gross pay by an employer to cover taxes, benefits, and other legal or agreed-upon obligations.
PTO Paid Time Off
Salary a fixed amount of money an employer pays an employee for their work
Wage money paid by an employer to a worker for labor or services, usually calculated by the hour, day, or piece of work done.
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Created by: JCraft32
 

 



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