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Earning income
| Term | Definition |
|---|---|
| Associate Degree | an undergraduate academic program that typically takes two years of full-time study to complete. |
| Bachelors Degree | an undergraduate academic credential awarded by colleges and universities upon completing a |
| Benefits | an advantage, profit, or helpful effect gained from something. |
| Compensation | the total cash and non-cash rewards given to an employee for their work, or money paid to make up for a loss, injury, or damage. |
| Doctorate Degree | the highest academic or professional qualification a person can earn in a given field of study. |
| FICA | stands for the 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 by an individual or a business before any taxes, deductions, or expenses are subtracted. |
| Income Tax | An is a mandatory government levy charged on the financial earnings and profits of individuals and businesses. |
| College Major | your primary, specialized field of study during your undergraduate education. |
| Masters Degree | an advanced academic qualification that you earn after completing a bachelor's degree. |
| Minimum Wage | the lowest hourly pay rate that an employer can legally pay an employee for their labor. |
| Payroll Deduction | the specific amounts an employer withholds from an employee's gross pay before issuing their final paycheck. |
| PTO | Paid Time Off |
| Salary | a fixed amount of money paid by an employer to an employee for work |
| Wage | the money a worker receives from an employer in exchange for labor or services, usually calculated by the hour, day, or piece of work. |