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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, or a payment and service provided by an employer, insurance policy, or government program |
| Compensation | payment or rewards given for work done, or money paid to make up for a loss, injury, or suffering |
| Doctorate Degree | the highest academic degree you can earn from a university |
| FICA | FICA stands for the Federal Insurance Contributions Act, which is a U.S. federal payroll tax that funds 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 |
| College 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 | |
| Payroll Deduction | |
| PTO | |
| Salary | a fixed amount of money an employer pays an employee for their work |
| Wage | a payment of money given to a worker for labor or services, usually figured by the hour, day, or piece |
Created by:
Annabethford1