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Income Tax (ACCT 1280)

Total Credits: 3
Lecture Credits: 2
Lab Credits: 1

Description: This course provides an explanation and interpretation of the Internal Revenue Code as it applies to individual income tax returns. You will have opportunities to prepare income tax returns.

Topical Outline:
1. Internal Revenue Code for Individual Income Tax Return
2. Gross Income and Exclusions
3. Deductions, Credits, and Special Taxes
4. Depreciation, Capital Gains and Losses
5. Withholding, Estimated Payments, and Payroll Taxes

Learning Outcomes:
1. Demonstrate an understanding of the major tax rules and regulations defined by the Internal Revenue Service and the Internal Revenue Code
2. Determine filing requirements and various types of income for individuals
3. Identify and calculate allowable deductions, tax credits, capital gains and losses for individual taxpayers
4. Prepare schedules such as itemized deductions, employee business expenses, rental activities and self-employment
5. Create federal income tax returns manually and by using a tax preparation software

Prerequisites:  Placement into READ 0200 or ESOL 0052 or completion of READ 0100 or ESOL 0042