Standard

ACC 151 – Individual Tax Accounting

Course Description:

 

Provides instruction for preparation of both state and federal income tax.  Topics include:  taxable income, income adjustments, schedules, standard deductions, itemized deductions, exemptions, tax credits, and tax calculations.

 

Competency Areas:

Hours:

 

 

 

Taxable Income

Class

3

Income Adjustments

D. Lab

2

Schedules

P. Lab/O.B.I.

0

Standard Deductions

Credit

4

Itemized Deductions

 

 

Exemptions

 

 

Tax Credits

 

 

Tax Calculations

 

 

 

 

 

Prerequisite/Corequisite:       None  

 

 

 
Course Guide

 

Competency

After completing this section, the student will:

Hours

Class

D. Lab

P. Lab/

O.B.I.

TAXABLE INCOME

3

2

0

Computation     

Compute taxable income.

 

 

 

 INCOME ADJUSTMENTS 

10

6

0

 Gross Income

Define and record components of gross income.

 

 

 

 Income adjustments

Define and record adjustments to gross income.

 

 

 

 

Compute adjusted gross income.

 

 

 

 SCHEDULES

8 

5

0

 Income schedules

Identify and fill out the appropriate schedule for a given income item.

 

 

 

 Deduction schedules

Identify and fill out the appropriate schedule for a given deduction item.

 

 

 

Miscellaneous schedules

Identify and fill out schedules for miscellaneous tax items such as tax credits.

 

 

 

STANDARD DEDUCTIONS

1

1

0

Standard deductions

Record the appropriate standard deductions for a given taxpayer in arriving at taxable income.

 

 

 

ITEMIZED DEDUCTIONS

2

1

0

Itemized deductions

Record in place of the standard deductions the total of all allowable itemized deductions for a given taxpayer in arriving at taxable income.

 

 

 

EXEMPTIONS

1

1

0

Personal exemptions

Record the appropriate personal exemption for a given taxpayer in arriving at taxable income.

 

 

 

TAX CREDITS

3

2

0

Tax credits

Identify and record applicable tax credits.

 

 

 

TAX CALCULATIONS

2

2

0

Tax calculation

Calculate the amount of taxes owned or refund due based on payments already made to the governing institutions.

 

 

 

 

Suggested Resources

 

Books:

 

Whittenburg and Altus-Buller (2002) Income Tax Fundamentals, Southwestern.

Stern, J. J., (2001), West's Federal Taxation, Tax Return Preparation with TurboTax for Windows, Cincinnati: South-Western Publishing, a division of Thompson Learning.

Pope, Thomas, et al, (2002) Prentice Hall’s Federal Taxation 2002: Comprehensive 1/e Prentice Hall.

Pope, Thomas, et al, (2002) Prentice Hall’s Federal Taxation 2002; Individuals, 1/e, Prentice Hall.

Department of the Treasury, Internal Revenue Service, Your Federal Income Tax for Individuals, Publication 17.

 

Computer Software:

 

Intuit, (Intuit Educational Program Software) ProSeries PowerTax Library 2002,

            Intuit, 110 Juliad Court, Fredericksburg, Virginia 22406, Attention:

            Intuit Educational Program, Phone (800) 934-1040, Fax (800) 685-7036

            www.proseries.com