TAX2000

Income Tax Accounting

Course Code:
TAX2000

Credit Hours:
3

Effective beginning:
2022-23

Sections:
000

 

Course Description:
This course covers fundamental federal income tax regulations applicable to individuals, including preparation of forms, documentation requirements, computation of tax, tax planning, and use of computerized tax preparation programs.

 

Course Details

Instructors:

TBD

 

Required textbooks/ course materials:

Income Tax Fundamentals 2020 (with Intuit ProConnect Tax Online), 38th Edition
Gerald E. Whittenburg | Martha Altus-Buller | Steven Gill
ISBN: 9780357141369
2020

 

Assignment/course outline:

The following topics will be covered in this course at the discretion of the instructor:   

  • Introduction to Taxation, the Income Tax Formula, and Form 1040EZ   
  • Expanded Tax Formula, Forms 1040A, and Basic Concepts   
  • Gross Income: Inclusions and Exclusions   
  • Adjustments for Adjusted Gross Income   
  • Itemized Deductions   
  • Self-Employed Business Income   
  • Capital Gains and Other Sales of Property   
  • Rental Property, Royalties, and Income from Flow-Through Entities   
  • Tax Credits   
  • Payroll Taxes

 

Discipline-level learning outcomes:

Associates degree in Business Administration Learning Outcomes:  

B-1 Demonstrate knowledge of the principles, practices and supervisory responsibilities of management, and ethical and legal issues in a business environment.  

B-2 Apply general business workplace competencies, including employability skills and office computer skills.  

B-3 Understand business concepts, such as accounting, HR, marketing and organization.  

B-4 Communicate effectively in oral and written form, exhibit college level computation and problem-solving skills, and interact appropriately with people of other cultures or backgrounds.

 

Course-level learning outcomes:

Course-level student learning outcomesDiscipline-level learning outcomesAssessment methods

Formulate which filing status is appropriate for which taxpayers.

Evaluate the dependency exemptions and know the amount of each exemption.

Appraise the standard deduction amounts and appropriate items to be included when itemizing deductions.

Propose what to include and what to exclude in determining gross income.

Synthesize the taxability of fringe benefits.

Evaluate how to calculate the amount of taxable Social Security.

Formulate how to complete a Schedule C - Businesss Income and Expenses.

Propose the tax impact of Capital gains/losses and operating gains/losses.

Synthesize the calculation of Depreciation and Recapture. 

B-1, B-3, B-4

B-1, B-3, B-4

B-1, B-3, B-4

B-1, B-3, B-4

B-1, B-3, B-4

B-1, B-3, B-4

B-1, B-3, B-4

B-1, B-3, B-4

B-1, B-3, B-4

Tests, Quizzes, Homework

 

 

Means of accomplishing learning outcomes:

In-Person

The instructor will:

  • Lecture and lead class discussions.
  • Assign readings from textbooks and/or other sources to supplement lectures.
  • Provide supplemental materials that align with the material presented in the textbook as appropriate.
  • Design assignments, quizzes, discussions, etc., to help students engage with the course material.
  • Use other teaching strategies to assist students in examining and understanding course materials as needed.
  • Provide timely feedback on assignments.
  • Hold weekly office hours to address questions and student needs outside of class time.

The students will:

  • Attend class regularly and be attentive to lectures.
  • Engage with class discussion.
  • Participate in student discussion groups.
  • Read assigned readings.
  • Complete assignments, quizzes, discussion boards, etc., as assigned by the instructor.

Online

The instructor will:

  • Lead class discussions.
  • Assign textbook and/or other readings.
  • Provide supplemental materials that align with the material presented in the textbook as appropriate.
  • Design assignments, quizzes, discussions, etc., to help students engage with the course material.
  • Use other teaching strategies to assist students in examining and understanding course materials as needed.
  • Provide timely feedback on assignments.
  • Hold weekly virtual office hours to address questions and student needs.

The students will:

  • Engage with the course regularly.
  • Engage with class discussions.
  • Participate in student discussion groups.
  • Read assigned readings.
  • Complete assignments, quizzes, discussion boards, etc. as assigned by instructor.

 

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