Income can be classified into Earned, Portfolio, and Passive categories depending on its source. Earned income includes wages, salary, and tips, while Portfolio income consists of interest on bonds, alimony, and retirement accounts. Passive income includes rent, business profit income, earnings from selling, and inheritance.
Earned Income: Wages, Salary, Commission, Tips, Bonus, Employment
Portfolio Income: Interest on Bonds, Alimony, Retirement Accounts, Unemployment
Passive Income: Rent, Business Profit Income, Earnings from Selling, Inheritance
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