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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 course of study |
| 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 | Federal Insurance Contributions Act |
| Gross Income | the total amount of money earned by an individual or a business before any taxes, deductions, or operating expenses are subtracted |
| Income Tax | a mandatory fee that governments charge on the money earned by individuals and businesses |
| College Major | your primary field of study and specialized area of focus while earning an undergraduate degree |
| Masters Degree | an advanced postgraduate academic qualification that you earn after completing a bachelor's degree to show high-level expertise in a specific field |
| 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 on a regular schedule |
| wage | monetary compensation paid by an employer to an employee in exchange for work or labor |
Created by:
zwicks32