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: Summer

Global Outcomes:
This course teaches to the global outcome of Information Literacy.

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

Total Hours: 50 Lecture Hours: 50