The state tax Patrick must pay on the initial profit is The federal tax he must pay on the initial profit is
The inflation on the amount remaining after taxes is
As a result, the real value of Patrick's profit in whole
dollars is

The answers are:
$346.25
$1,731.25
$145.43
$4,702

On january 15, the end of the first biweekly pay period of the year, north company’s payroll register showed that its employees earned $32,000 of sales salaries. withholdings from the employees’ salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $772 of medical insurance deductions, and $260 of union dues. no employee earned > $7,000 in this first period. prepare the journal entry to record north company’s january 15 (employee) payroll expenses and liabilities.