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earning income
| Term | Definition |
|---|---|
| Associate Degree | a degree awarded by a junior or community college after completion of two years of study. |
| Bachelors degree | a degree awarded by a college or university to a person who has completed undergraduate studies. |
| 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 | Federal Insurance Contributions Act, which is a U.S. federal payroll tax used to fund Social Security and Medicare. |
| gross income | the total amount of money earned from all sources before taxes and other deductions are removed |
| college major | A college major is your primary field of study and the main focus of your undergraduate degree. |
| income tax | An income tax is a mandatory government levy charged on the financial earnings and profits of individuals and businesses |
| 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 that an employer can legally pay a worker |
| 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, a workplace policy that gives employees paid leave from their jobs. |
| 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 |