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 111 or ACCT& 201

Course Outcomes
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

Program Outcomes
This course teaches to the following program outcome:

complete federal income tax returns

College-Wide Learning Outcomes
This course teaches to the college-wide learning outcome of Information Literacy, the ability to recognize when information is needed, to choose the appropriate tools to locate the required information, and to effectively gather and evaluate the information.

Total Hours: 50 Theory (Lecture) Hours: 50