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Earning income

TermDefinition
Associate Degree a degree that is given to a student who has completed two years of study typically at a community or junior college in the U.S.
Bachelors Degree a degree that is given to a student by a college or university usually after four years of study
Benefits something that produces good or helpful results or effects or that promotes well-being
Compensation the total amount of cash, benefits, and rewards given to an employee or contractor in exchange for their work
Doctorate Degree the highest level of academic or professional qualification you can earn in most fields of study
FICA Federal Insurance Contribution Act
Gross income the total amount of money earned from all sources before taxes and other deductions are removed
Income tax mandatory government levy charged on the financial earnings and profits of individuals and businesses
College Major 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 by an employer to an employee on a regular schedule, regardless of how many hours they work
Wage payments of money given to workers for their labor or services
 

 



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