So essentially socialism is just communist lite?
Not at all -- unless you're an American, in which case you are most likely to be muddled on the differences between the two due to decades of Cold War propaganda. Americans are kind like creationists when it comes to socialism and communism. You can tell them the truth all you want, but they're going to believe the propaganda they've heard all their lives. Now, to be fair Karl Marx himself kicked off the confusion by being intellectually sloppy when it came to consistently distinguishing between the two systems -- so you cannot entirely blame Americans.
At any rate, the first thing to know is there are many types of socialism and many types of communism, so when speaking of differences, you will always have specific exceptions and lots and lots of footnotes -- if you really get deeply into it. But we ain't getting deeply into it! So breathe easier now.
That said, there's more than one way to present the differences. I'm going to offer you a gloss -- a very superficial account of them -- but an account that is still a dozen times more accurate than you are likely to get from most people. I'll leave out more than I include to make it as easy as possible to absorb quickly.
First, we need to realize that capitalism, socialism, and communism are all economic systems and that their core, essential, and fundamental purpose is to determine 'who gets what' in any given society. That is, who gets the food, and who decides they get it? Who gets the clothing and who decides they get it? Who gets the medicine and who decides they get it? And on and on for every good or service a society has to offer.
Under socialism, those questions are decided according to the principle of "From each according to their ability, to each according to their contribution." Translation: You are compensated for your work according to the value of your contributions to society. So, if you are doing something that has a relatively large, positive impact on the community -- such as being a doctor -- you are better compensated for your work than if you are doing something that has a relatively smaller, less positive impact on the community -- such as washing dishes. That is socialism in a nutshell. But you won't see that definition of it on the nightly news any time soon.
Under communism, the same questions are decided according to the principle of "From each according to their ability, to each according to their need." 'Need', not 'contribution'. Translation: You are compensated for your work according to how much you need in order to live, etc. So, it does not matter whether you are a dishwasher or a doctor -- if your needs are the same, your compensation is the same. That is communism in a nutshell. And that is what most Americans think socialism is, but I hope you can see a difference between the two now.
By the way, one difference between socialism and capitalism is that capitalism allows people to be 'compensated' by what economists call 'rents'. That's a technical term in economics, and it means unearned income, such as you would get from the interest someone paid you on a loan you made to them, or get from the profits you made on money you used to buy a factory, etc. etc. etc. Put differently,
a capitalist gets the money their capital earns; a socialist gets the money their labor earns; and a communist gets the money their community earns -- gets that portion of it that they themselves need. That's more or less it.
There's tons and tons of other stuff I could go into, but I fear it would be 'too much information too fast'. I hope this helps. If it doesn't, I blame
@Jayhawker Soule for not helping me out here -- most likely, he knows more about this stuff than anyone else on the Forum.