Which of the following does NOT incur the Universal Social Charge?

The Universal Social Charge (USC) is a tax in Ireland that applies to individuals' income, but certain types of income are exempt from this charge. The State Pension (Contributory), deposit interest, and returns from collective investment funds are all considered income types that do incur USC.

The State Pension (Contributory) is treated as income and is subject to the USC, as it is a taxable income for recipients. Similarly, deposit interest generally falls under taxable income, and such interest earnings attract USC as well. Lastly, returns from collective investment funds are considered gains from investment and can also be subject to USC depending on the circumstances of the individual’s tax liability.

Thus, the assertion that "all of the above" does not incur the Universal Social Charge is incorrect because each of the mentioned income types does involve some level of USC. Therefore, the correct answer suggests that none of the options listed are exempt from USC.