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Earning income

TermDefinition
1. Associate Degree an undergraduate academic program that typically takes two years of full-time study to complete
2. Bachelors an unmarried man, or an undergraduate academic degree awarded by a college or university
3. Benefits an advantage, profit, or helpful effect gained from something, or a payment and service provided by an employer, insurance policy, or government program
4. Compensation payment or rewards given for work done, or money paid to make up for a loss, injury, or suffering
5. Doctorate Degree the highest level of academic degree you can earn in most fields of study.
6. FICA mandatory U.S. federal payroll tax that funds the Social Security and Medicare programs
7. Gross Income the total amount of money earned from all sources before taxes and other deductions are removed
8. Income Tax Income tax is a mandatory financial charge imposed by government entities on the earnings or profits of individuals and businesses to fund public services and infrastructure
9collage Majorn come Tax college major is a student's chosen primary field of study (such as engineering, nursing, or history), while an income tax is a government levy on the financial compensation an individual earns from employment, self-employment, or investments
10. Masters Degree an advanced postgraduate academic qualification awarded by universities after completing specialized study beyond a bachelor's degree
11. Minimum Wage the lowest hourly pay rate that an employer can legally pay workers
12. 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
13. PTO paid time off
14. Salary a fixed, regular payment an employer makes to an employee in exchange for their work
15. Wage a payment of money given to a worker for labor or services, usually calculated by the hour, day, or piece of work
Created by: twilliamson32
 

 



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