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Earning income
earning income
| Term | Definition |
|---|---|
| Associate Degree | a two-year undergraduate college qualification earned after completing about 60 credit hours, sitting above a high school diploma and below a bachelor’s degree. |
| Bachelors Degree | an undergraduate academic credential awarded by colleges and universities after completing roughly 120 credit hours, usually taking four to five years of full-time study |
| Benefits | Benefits generally fall into two main types: government assistance programs and workplace employee perks |
| Compensation | the total amount of money, goods, or benefits given to someone in exchange for work, services, or as payment for a loss, injury, or damage |
| Doctorate Degree | s the highest academic level you can achieve in a university |
| FICA | FICA stands for the Federal Insurance Contributions Act |
| Gross Income | Gross income is the total of all earnings, wages, and revenue received before any taxes, deductions, or expenses are subtracted |
| . Income Tax | Income tax is a mandatory government charge levied on annual earnings like wages, salaries, and investments to fund public infrastructure and services |
| College Major | A college major is your primary specific field of study that makes up about one-third to one-half of the classes you take to earn a bachelor's degree |
| . Masters Degree | postgraduate academic credential that requires 30 to 60 credit hours of advanced study beyond a bachelor's degree |
| Minimum Wage | A minimum wage is the lowest hourly pay that an employer can legally pay a worker |
| Payroll Deduction | amounts withheld from an employee's gross pay to cover taxes, benefits, and other legal or voluntary obligations |
| PTO | Paid time off |
| Salary | a fixed, predetermined amount of compensation paid by an employer to an employee on a regular schedule |
| Wage | financial compensation paid by an employer to an employee in exchange for labor or services, |