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earning income
| Term | Definition |
|---|---|
| associate degree | a two-year undergraduate academic program that requires completing about 60 credits |
| bachelors degree | A bachelor's degree is an undergraduate academic credential awarded by colleges and universities upon completion of a course of study usually lasting four to five years |
| benefits | a helpful or good effect, an advantage, or a profit gained from something |
| compensation | the total amount of money, benefits, or awards given to a person in exchange for their work, or paid to cover a loss, injury, or wrong |
| doctorate degree | the highest academic or professional degree you can earn in a specific field of study |
| FICA | 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 | Income tax is a mandatory levy imposed by governments on the financial earnings of individuals, businesses, and other legal entities within their jurisdiction |
| collage 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 | an advanced academic qualification that you pursue after earning a bachelor's degree to gain specialized knowledge in a specific field. |
| minimum wage | The federal minimum wage in the United States is $7.25 per hour, though many states and local municipalities enforce higher rates |
| payroll deduction | amounts withheld from an employee's gross pay to cover taxes, benefits, and other required or chosen obligations, forming the difference between gross pay and take-home (net) pay |
| PTO | most commonly stands for paid time off, which is an employer benefit that gives workers compensated time away from their job |
| salary | The average annual salary in the United States is $69,770, according to data from Forbes Advisor |
| wage | The minimum wage in New York is $17.00 per hour in New York City, Long Island, and Westchester County, and $16.00 per hour for the remainder of the state |
Created by:
kwilliams32