can someone help me calculate the taxable income?
Part II: Problem (40 points) 1. Dale (45) is divorced and has custody of his son (Abraham-12) who lives with him. His gross income consists of $125,000 salary as a financial analyst. Dale incurred the following expenditures during the year: - $6.000 contribution to a traditional IRA. He is enrolled in a $401(k) plan at work - \$3,500 for medical expenses relating to an automobile accident involving Abraham. Included in this total are the following: - \$3,000 health insurance deductible - $300 for prescription medication - S150 for crutches (broken leg) - Dale paid \$2,000 in expenses related to his job (professional journals, association dues, continuing education). There was no employer reimbursement - \$6.000 for local property tax on his home - \$7,000 in state income tax was withheld from Dale's salary during 2022 - Dale paid an additional \$1,000 to the state when he filed his 2022 state tax retum in April 20123 . - S13,000 worth of PepsiCo stock (purchaked on I/1/10 for S1,000) donated to Drake University - $8,000 in interest on his home mortgage (loan balance is $350,000) - Dale's car was stolen in March 2022 from the parking lot at his office. It was purchased in 2002 for $15.000 and was worth 53.500 when stolen. There was no insurance recovery. - Dale purchased 4.000 shares of Acme lne stock in 2005 for $18,000. Acme declared bankruptcy in August 2022 and the investment became worthless. - Dalc contributed $2.000 to the Smith for Governor campaign. - S1.000 in interest on his personal credit cards Calculate Dale's taxable income for 2022. Part II: Problem (40 points) 1. Dale (45) is divorced and has custody of his son (Abraham-12) who lives with him. His gross income consists of $125,000 salary as a financial analyst. Dale incurred the following expenditures during the year: - $6.000 contribution to a traditional IRA. He is enrolled in a $401(k) plan at work - \$3,500 for medical expenses relating to an automobile accident involving Abraham. Included in this total are the following: - \$3,000 health insurance deductible - $300 for prescription medication - S150 for crutches (broken leg) - Dale paid \$2,000 in expenses related to his job (professional journals, association dues, continuing education). There was no employer reimbursement - \$6.000 for local property tax on his home - \$7,000 in state income tax was withheld from Dale's salary during 2022 - Dale paid an additional \$1,000 to the state when he filed his 2022 state tax retum in April 20123 . - S13,000 worth of PepsiCo stock (purchaked on I/1/10 for S1,000) donated to Drake University - $8,000 in interest on his home mortgage (loan balance is $350,000) - Dale's car was stolen in March 2022 from the parking lot at his office. It was purchased in 2002 for $15.000 and was worth 53.500 when stolen. There was no insurance recovery. - Dale purchased 4.000 shares of Acme lne stock in 2005 for $18,000. Acme declared bankruptcy in August 2022 and the investment became worthless. - Dalc contributed $2.000 to the Smith for Governor campaign. - S1.000 in interest on his personal credit cards Calculate Dale's taxable income for 2022