Income Tax-Individual

Credits
3 (3/0/0)
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 tax estimates.
Prerequisites
MATH 0055 or placement by assessment
Competencies
  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.
Degrees that use this course

Accounting AAS

Associate of Applied Science (AAS)

Accounting Clerk

Diploma

Business Administration

Certificate

Business Administration

Associate of Applied Science (AAS)

Payroll Specialist

Diploma