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ACCT2255 – Income Tax-Individual pdf

Credits: 3 (2/1/0)
Description: This course provides an explanation and interpretation of the Internal Revenue Code as applied to individual income tax returns. Topics covered include filing requirements, filing status, gross income and exclusions, business income and expenses, tax credits and estimated taxes.
Prerequisites: MATH 0055 or placement by assessment
Corequisites: None
  1. Interpret tax terminology for individuals.
  2. Demonstrate knowledge of the federal tax system as applied to individuals.
  3. Differentiate individual filing statuses.
  4. Explain personal and dependency exemptions.
  5. Determine items to include and exclude from income.
  6. Identify itemized deductions.
  7. Calculate tax for individuals.
  8. Prepare individual tax returns.
  9. Prepare schedules and worksheets to support tax returns.
  10. Explain various tax credits.
  11. Analyze sales of assets for proper tax reporting.
  12. Compute depreciation for tax purposes.
MnTC goal areas: None

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