Catalog 2016-2017 
    
    Dec 10, 2018  
Catalog 2016-2017 [ARCHIVED CATALOG]

ACCT 255 Income Tax I

5 credits
Introduction to federal income tax laws for individuals. Course covers gross income, deductions, and tax credits with emphasis on in-depth preparation of individual tax returns. This course also covers items related to sole proprietorship business income (schedule C).

Prerequisites: ACCT 121 .

Quarters Offered: Fall

Student Outcomes/Competencies:
Upon successful completion of this course students will be able to:

  • Explain the fundamental concepts of the federal income tax system as applied to individuals
  • Prepare individual income tax returns through the application of the concepts and tax laws learned in the course
  • Correctly calculate taxable income using the tax formula and an individual’s income tax data; and calculate amount owed or refund to be received
  • Discover and articulate facts relevant to the taxation of particular transactions or events
  • Discover the applicable tax rules relevant to proper tax treatment of a transaction or event