Standard

 

ACC 156 - 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:

ACC 102

 

 
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 

 

Hopson, J., et al. (1993). Income Tax Fundamentals for 1992 (3rd ed.).  Homewood, IL: Irwin.

Langenferder, H.Q., et al. (1993). Federal Income Taxation.  Cincinnati:  South-Western.

Whittenburg and Altus-Buller (2001) Income Tax Fundamentals, Southwestern.

 

Computer Software

 

Langenferder, H.Q., et al. (1993). Federal Income Taxation (diskette).  Cincinnati:  South-Western.