How many of them are you open to?

Ever heard the chatter about spreading out investments? It's like putting together a colorful puzzle, each piece chosen for its perfect fit, painting a picture of stability and growth. But there's more to the story. Ever thought about the many ways to mix up how you earn? Absolutely, there's a big world of income sources, each with its own special spark and hurdles.

When you dive into this pool of possibilities, it's key to move with care. Think about how each income source fits with your taxes and what feels comfortable for you. On this journey of boosting your earnings, finding the right income sources can truly shift things. So, how about teaming up for this adventure? Together, we'll find paths that match perfectly with your hopes and plans.

Earned Income, Profit Income,Interest Income, Dividend Income, Rental Income, Capital Gains Income, and Royalty Income. 

WE CAN EARN MORE THAN 7 WAYS ON THE METAVERSE!
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Earned Income
From a job.
• Earned income is money you get for working for someone else
• Earned income is taxed as ordinary income
• Earned income is taxed at your marginal tax rate
• Earned income is subject to payroll taxes
• Earned income is subject to self-employment taxes
• Earned income is subject to the Medicare surtax

 Earned income is money you get for working for someone else. It includes wages, salaries, tips and commissions. Earned income may also include self-employment income such as net profit from a sole proprietorship or partnership.

 Earned income is taxed as ordinary income and subject to payroll taxes. That means it's taxed at your marginal rate, which is based on your total taxable income (excluding capital gains). In addition to federal taxes, certain states also impose a state tax on earned income; check with your state's revenue department to learn more about how much this will cost you annually in taxes paid.

 The Medicare surtax applies only to taxpayers with modified adjusted gross incomes above $200k ($250k if married filing jointly). This tax increases the amount of earned income subject to Social Security payroll taxes by 2%. For example: if John earns $50k per year from his day job as an engineer with no other sources of non-earned income or investment earnings then he would pay 7% towards Social Security ($50k/12 months x 6%); however because his employer matches half of this amount (which means they pay $1/2 = 3% toward Social Security) then John only pays 4%. However if John had an extra source of non-earned Income such as dividends then he would have paid 7% toward SS plus 1% because those dividends count toward his Modified Adjusted Gross Income which was already over $200K so now instead of paying 6% toward SS because that came out only 8%.

Profit Income
  When you make more money selling your goods/services than you spent, you have profit income.
• Profit income is income from a business
• Profit income is generally taxed at the highest tax rate
• Profit income is not subject to the self-employment tax
• Profit income is not subject to the Medicare tax
• Profit income is not subject to the Social Security tax
• Profit income is not subject to the state income tax

 Profit income is taxable income from a business, whether it's from a corporation or self-employment. It's often the most complicated form of income, because it's taxed at high rates—as high as 39.6%. Profit income is not subject to the self-employment tax, however.

 Profit income also has some unique rules when it comes to Social Security taxes and Medicare taxes: profit income isn't subject to either one! So even though you'll pay higher rates on profit income than on other types of taxable income, your overall tax burden will be lower thanks to these exclusions.

 The last major distinction between profit and other types of taxable investment returns comes down to state sales tax: many states exempt capital gains from their own sales taxes (or reduce them). In general this makes sense—you shouldn't be charged sales tax on investments when you sell them for less than what you paid for them; but there are circumstances where this can get tricky (for example if your stock has gone up significantly since when you first purchased it).

Interest Income
Example: Bonds and savings accounts.
• Interest income is not taxable
• Interest income is not subject to capital gains tax
• Interest income is not subject to tax for individuals
• Interest income is not subject to tax for corporations
• Interest income is not subject to tax for non-resident aliens

 Interest income is not taxable. That's right: It's not subject to capital gains tax, and it isn't taxed at all for individuals or corporations. Interest is also not subject to tax for non-resident aliens—a big perk when it comes to diversifying your portfolio!

Dividend Income
Example: When you buy shares in a company and become part owner.
• Dividends are a share of the profits from a company
• Dividends are usually paid out every quarter
• Dividends are taxed at a lower rate than ordinary income
• Dividends can be reinvested in the company, which can increase your tax liability

 When a company's profits are distributed to shareholders, it is called a dividend. Dividends come in the form of cash, products or services. When the proceeds from a dividend are reinvested in the company’s stock, it is referred to as an accrual-type dividend and can result in tax liability for shareholders if sold within six months of receipt. If you hold onto your stock long enough to avoid paying taxes on them (about one year), then you can sell your shares at any time without incurring any additional tax burden upon selling them on your portfolio site or through your broker.

 Dividend income is taxed at a lower rate than other types of income so long as it remains qualified by Congress (which means that it must be issued by U.S.-based companies). Dividends received from foreign companies may need to be reported separately for taxes purposes depending on their source country; however most investors choose not to do so because they are generally taxed at higher rates than U.S.-based entities' dividends would be anyways."

Rental Income
Example: Renting land or buildings.
• Rental income is income from renting out property.
• Rental income is a very common form of passive income.
• Traditional rental income is not a good idea for everyone.

 Rental income is another way to diversify your portfolio. Rental income is income from renting out property, and it's a very common form of passive income.

 A rental property is not for everyone, and definitely shouldn't be considered as a primary source of retirement savings. It can be risky if you're not careful about how you manage your properties, but it can also be an excellent way to build up wealth if you do things right.

Capital Gains Income
Example: Buying and selling stock. Warning! Short term gains (tax) can be very high.
• Capital gains are taxed at different rates depending on your income
• Capital gains are taxed differently depending on the asset
• Capital gains are taxed differently depending on the holding period
• Capital gains are taxed differently depending on the type of asset

 Capital gains are generally taxed at different rates than other forms of income. Capital gains are taxed differently depending on the asset, how long it was held, and your income bracket.
Royalty Income

Royalty Income
Example: Musicians earn from their music.
• Royalties are the income earned from owning copyrights, patents and trademarks
• Royalties are a form of passive income
• Royalties are taxed as ordinary income
• Royalties are taxed at a higher rate than earned income
• Royalties are taxed at a lower rate than capital gains

 Royalty income comes from owning copyrights, patents and trademarks. Royalties are a form of passive income, meaning that the owner did not have to do any work in order for it to be earned. Royalties are taxed as ordinary income, which means they’re taxed at the same rate as your earned income.

 The rate of taxation for royalties may be higher or lower than your earned income depending on whether you’re paying more or less tax on capital gains (money received from selling an asset like a stock).

Each class of income has pros and cons. You should consider your tax situation and comfort levels with each class.

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