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Nov 08, 2024
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Catalog 2019-2020 [ARCHIVED CATALOG]
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ACCT 255 Income Tax I5 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
Global Outcomes This course teaches to the global outcome of information literacy.
Total Hours: 50 Lecture Hours: 50
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