Sheila and Jim Mendez reported the following income tax items in 2012: contents into a spreadsheet.) Salaries and wages Interest on bonds Dividends (jointly owned stocks) Capital gains on securities $43,000 $1,000 $1,200 $1,700 (all held for more than 18 months) Deductible IRA contribution Itemized deductions $400 of this total was received from tax-free municipal bonds. $2,400 $12,000 If Sheila and Jim claim 3 dependent(s) and file a joint return for 2012, calculate their income tax due. Use Table 17.3 and assume an exemption of $3,800 for each qualifying dependent. Assume that all 3 children qualify for the child tax credit. Taxable Income Tax Rates 10% 15% 25% 28% Joint Returns $0 to $17,400 $17,401 to $70,700 $70,701 to $142,700 $142,701 to $217,450 $217,451 to $388,350 Over $388,350 35% The taxable income for Sheila and Jim Mendez is (Round to the nearest dollar.) Sheila and Jim Mendez's refund due will be (Round to the nearest cent.) Sheila and Jim Mendez reported the following income tax items in 2012: contents into a spreadsheet.) Salaries and wages Interest on bonds Dividends (jointly owned stocks) Capital gains on securities $43,000 $1,000 $1,200 $1,700 (all held for more than 18 months) Deductible IRA contribution Itemized deductions $400 of this total was received from tax-free municipal bonds. $2,400 $12,000 If Sheila and Jim claim 3 dependent(s) and file a joint return for 2012, calculate their income tax due. Use Table 17.3 and assume an exemption of $3,800 for each qualifying dependent. Assume that all 3 children qualify for the child tax credit. Taxable Income Tax Rates 10% 15% 25% 28% Joint Returns $0 to $17,400 $17,401 to $70,700 $70,701 to $142,700 $142,701 to $217,450 $217,451 to $388,350 Over $388,350 35% The taxable income for Sheila and Jim Mendez is (Round to the nearest dollar.) Sheila and Jim Mendez's refund due will be (Round to the nearest cent.)