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earning income
| Term | Definition |
|---|---|
| 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 that typically lasts four years. |
| benefits | an advantage, profit, or helpful effect gained from something. |
| compensation | payment or rewards given for work done, or money paid to make up for a loss, injury, or suffering. |
| doctorate degree | the highest level of academic degree you can earn in most fields of study. |
| FICA | FICA tax is a mandatory U.S. federal payroll tax deducted from employee paychecks to fund Social Security and Medicare. |
| gross income | the total amount of money earned from all sources before taxes and other deductions are removed |
| income tax | An income tax is a mandatory government levy charged on the financial earnings and profits of individuals and businesses. |
| collage major | A college major is 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 by an employer to an employee on a regular schedule, regardless of how many hours they work. |
| wage | financial compensation paid by an employer to an employee in exchange for labor or services. |