How much federal tax must Patrick pay on his profit?

To determine the correct amount of federal tax that Patrick must pay on his profit, one must consider key factors such as the specific tax rate that applies to his income level, deductibles, and tax brackets relevant for the year in question.

If the answer states that the federal tax amount is $1,750, it likely reflects an accurate calculation based on Patrick’s taxable income and the applicable federal tax rates. This amount may correspond to the marginal tax rate applied to his net profit after accounting for any deductions or other taxable income effects.

For instance, if Patrick falls into a specific income bracket where the total taxable income placed him into a rate that, when applied correctly, yields $1,750 in tax owed, this represents a precise understanding of how income taxes are computed.

Additionally, it is important to apply any relevant credits or deductions Patrick may have which can effectively lower his tax burden, but in arriving at $1,750, it is implied that these factors have been accounted for correctly to deliver this specific tax amount.

Through this analysis, one can see that determining the federal tax owed hinges on correctly applying the right tax rates to the proper income figures and adhering to the rules of the taxation system at the time.