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Earning Income

TermDefinition
Associate Degree an undergraduate academic qualification that typically takes two years of full-time study to complete
Bachelors Degree undergraduate college credential that usually takes about four years of full-time study and around 120 credit hours
Benefits a wide range of financial supports, services, or protections provided by employers, governments, or organizations to help with daily living, health, and long-term security.
Compensation the total cash and non-cash rewards given to a person in exchange for work, services, or as a remedy for a loss, injury, or wrong
Doctorate Degree the highest academic level you can reach in your field of study
FICA U.S. federal payroll tax deducted from employee wages to fund Social Security and Medicare
Gross Income your total earnings from all sources before any taxes, deductions, or operating expenses are taken out
Income Tax income tax is a mandatory government charge on individual wages, business profits, and investment earnings
College Major your main focus area or primary field of study in a bachelor's degree program
Masters Degree a postgraduate academic qualification that demonstrates advanced, specialized mastery of a specific field or professional practice
Minimum Wage $7.25 per hour
Payroll Deduction amounts withheld from an employee's gross pay to cover taxes, benefits, and other required or chosen obligations
PTO paid time off
Salary a fixed, periodic amount of money an employer pays an employee for their work
Wage regular payment—usually calculated by the hour, day, or piecework—given to a worker for labor or services
Created by: mseavy32
 

 



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