Income Tax Accounting

Course Code:

Credit Hours:

Effective beginning:
Spring 2021



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




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


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:

  • Attend and participate in class regularly.
  • Read all assigned material before class.
  • Study in-class notes and online (Canvas) materials.
  • Complete assigned projects in a timely manner to enable reflections and revisions on the final product.
  • Participate in discussions.
  • Demonstrate your mastery of the required skills on quizzes, exams, etc.
  • Complete all assignments with promptness and accuracy.
  • All written documents as well as online assignments must be completed using correct grammar, spelling, and structure.

The grading breakdown is subject to change at the discretion of the instructor.


up to 40%

Test (which includes Midterm and Final) 

up to 60%

Assignments, Projects and/or Labs      

up to 40%


up to 20%


College-wide policies and resources

For more specific information on Chipola's college-wide academic policies and resources available to students, visit the link below.