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Earning Income

TermDefinition
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
Benefits an advantage, profit, or helpful effect gained from something.
Compensation the total amount of money, benefits, and other rewards an employer gives an employee in exchange for their work
Doctorate Degree the highest academic level of education you can earn in most fields.
FICA Federal Insurance Contributions Act
Gross Income the total amount of money earned from all sources before any taxes or deductions 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 is your primary field of study and the main subject area you choose to specialize in while earning an undergraduate degree
Masters Degree an advanced, postgraduate academic qualification earned after completing a bachelor's degree
Minimum Wage the lowest legal hourly, daily, or monthly pay that employers can pay workers for their labor
Payroll Deduction amounts withheld from your gross pay to cover taxes, benefits, and other required or optional obligations
PTO Paid Time Off
Salary a fixed amount of money paid by an employer to an employee for work done
Wage payments made by an employer to an employee in exchange for work or services
Created by: kgage32
 

 



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