Standard

 

R State Standard         £  Developed          College: n/a

 

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

4

Income Adjustments

D. Lab

2

Schedules

P. Lab/ O.B.I.

 

0

Standard Deductions

Credit

5

Itemized Deductions

 

 

Exemptions

 

 

Tax Credits

 

 

Tax Calculations

 

 

 

Prerequisite:

None 

Corequisite:

     

 

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

3

2

0

Tax calculation

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

 

 

 

 

Suggested Resources

 

Media
(Print
Audio/Visual
Web
Other)

Note: Please adhere to the APA Formatting and Style Guidelines.
Examples:
   Author, A. A. (Year of publication). Title of work: Capital letter also for subtitle. Location: Publisher.

   Duncan, G.J., & Brooks-Gunn, J. (Eds.). (1997). Consequences of growing up poor. New York: Russell Sage Foundation.

Print

Cruz, A. (2008). Fundamentals of Taxation.  New York, NY: McGraw-Hill

Whittenburg, G. & Altus-Buller, M. (2008). Income Tax Fundamentals. Mason, OH: Cengage.

Willis, Hoffman, Maloney, Raabe. (2008). West Federal Taxation Comprehensive Volume, 31st Edition. Mason, OH: Cengage

 

Posted: 08/26/08