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Earning Income
| Term | Definition |
|---|---|
| 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 |