MANAGEMENT

Detailed explanation-1: -false; Progressive taxes are based on individuals with higher income paying a higher percentage of their incomes in taxes. A proportional tax system describes a situation in which everyone pays the same amount of taxes.

Detailed explanation-2: -For the tax year 2022, the federal income tax brackets range from 10% to 37%. The top 50% of taxpayers paid 97.1% of all federal income taxes in 2018. Among those taxpayers, the average income tax rate was 14.6% and the average tax paid was $20, 663.

Detailed explanation-3: -High-Income Taxpayers Paid the Majority of Federal Income Taxes. In 2020, the bottom half of taxpayers earned 10.2 percent of total AGI and paid 2.3 percent of all federal individual income taxes. The top 1 percent earned 22.2 percent of total AGI and paid 42.3 percent of all federal income taxes.

Detailed explanation-4: -Proportional taxes are when everyone pays the same tax rate, regardless of income. Sales taxes are typically regressive proportional taxes because everyone pays the same rate, regardless of income. For example, say Darnell and Myra buy the same TV for $1, 000 and each pay 7% in sales tax, which amounts to $70.

Detailed explanation-5: -2022 Tax Brackets (Taxes due April 2023) For the 2022 tax year, there are seven federal income tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your tax bracket is determined by your filing status and taxable income.