Sheila and Jim Mendez reported the following income tax items in 2014:

If Sheila and Jim claim 3 dependents and file a joint return for 2014 (with taxes due by April 15, 2015), calculate their income tax due. Use Tables 17.1 and 17.2 and assume an exemption of $3,950 for each qualifying dependent. Assume that all three children qualify for the child tax credit.

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Salaries and wages Interest on bonds Dividends (jointly owned stocks) Capital gains on securities (all held for more than 18 months) Deductible IRA contribution Itemized deductions $48,000 $ 1,100* $ 1,000 $ 1,500 $ 2,000 $12,000