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Earning Income

TermDefinition
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 Monetary gain, economic advantage, or cost savings received by an individual or organization
Compensation Money or economic value given to a person in exchange for work, goods, or services, or to cover losses and injuries
Doctorate Degree The highest level of academic degree you can earn in most fields of study.
FICA Mandatory U.S. federal payroll tax that funds the Social Security and Medicare programs
Gross Income The total amount of money earned from all sources before taxes and other deductions are removed
Income Tax A mandatory government charge levied on the earnings, wages, salaries, and investment profits of individuals and businesses.
College Major Your primary field of study and the main focus of your undergraduate degree
Masters Degree An advanced postgraduate academic qualification awarded by universities after completing specialized study beyond a bachelor's degree.
Minimum Wage The lowest hourly pay rate that an employer can legally pay workers.
Payroll Deduction The amounts subtracted from your total earnings (gross pay) to cover taxes, benefits, and other costs before you receive your take-home pay (net pay)
PTO Paid Time Off
Salary A fixed amount of money paid regularly by an employer to an employee for their work
Wage Regular money paid to a worker for labor or services, usually calculated by the hour, day, or piecework.
Created by: imargolis32
 

 



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