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Earning Income

TermDefinition
Associate degree an undergraduate academic qualification that typically takes two years of full-time study and 60 credit hours to complete
Bachelor degree an undergraduate academic credential awarded by a college or university after completing a multi-year course of study
Benefits a helpful or good effect, an advantage, or a profit gained from something
Compensation Compensation is the total amount of cash, benefits, and rewards given to an employee or contractor in exchange for their work
Docktorate degree is the highest academic degree awarded by a university
FICA FICA stands for the Federal Insurance Contributions Act, which is a U.S. federal payroll tax deducted from employee wages 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 income tax 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
Master’s degree an advanced academic qualification that you earn after completing a bachelor's degree
Minimum wage the lowest hourly, daily, or monthly pay that employers can legally give to their workers
Payroll deduction amounts subtracted from your total earnings (gross pay) to cover taxes, benefits, and other obligations
PTO Paid Time Off
Salary a fixed amount of money an employer pays an employee for their work
Wage
Created by: Annabeth Ford
 

 



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