Which of the following would NOT be considered portfolio income?

Portfolio income generally refers to earnings generated from investments, such as interest, dividends, annuities, and royalties. In this scenario, salaries from employment clearly do not fall into this category.

Salaries are considered earned income, which is compensation received for work performed, whereas portfolio income is passive in nature and does not require an active role in generating that income. The other choices involve earnings from investments: royalties are income from intellectual property, interest is earned from bond investments, and dividends are returns on stock investments. Thus, the only option that does not represent income earned from investments is the salary from employment, highlighting why it is considered the correct answer to the question.