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Income Tax

Course Number: BA 256
Transcript Title: Income Tax
Created: September 1, 2012
Updated: September 25, 2013
Total Credits: 3
Lecture Hours: 30
Lecture / Lab Hours: 0
Lab Hours: 0
Satisfies Cultural Literacy requirement: No
Satisfies General Education requirement: No
Grading options: A-F (default), audit

Course Description

Introduces preparation of federal individual and sole proprietorship income tax returns. Provides brief overview of partnership and corporate returns. Audit available.

Intended Outcomes

Upon successful completion of BA 256, the student will be able to:

  1. Demonstrate an understanding of how to complete a basic set of forms and schedules for an individual taxpayer.
  2. Demonstrate a knowledge of current tax rules and regulations.
  3. Calculate the correct of amount of tax using tax tables and/or tax formulas provided by the government.

Outcome Assessment Strategies

  1. Objective examinations such as multiple choice, matching, short answer, etc.
  2. Exercise and problem test items.
  3. Problem assignments which demonstrate the application of appropriate income tax procedures including the completion of tax forms and schedules.

Assessment choices may include:

  1. Attendance and participation in class activities
  2. Any combination of other methods, including: quizzes, group activities, presentations, practice sets, case studies or research assignments.

At the beginning of the course, the instructor will detail the methods used to evaluate student progress and the criteria for assigning a course grade. A letter grade is used for this course. The objectives of assessment are a demonstrated mastery of the revenue code to include the skills and competencies listed herein.

Course Content (Themes, Concepts, Issues and Skills)

  • Withholding allowances
  • Gross income
  • Deductions to arrive at adjusted gross income
  • The standard deduction
  • Itemized deductions
  • Exemptions
  • Tax tables and schedules
  • Credits and special taxes
  • Capital gains and losses
  • Partnership returns
  • Critical thinking
  • Effective written and oral communications
  • Ethical conduct

COMPETENCIES AND SKILLS

  • Explain who must file and determination of filing status.
  • Demonstrate what is included in gross income.
  • Calculate adjusted gross income by determining what qualifies as deductions from gross income to arrive at adjusted gross income.
  • Compare total deductions on schedule A with the standard deduction to determine which is larger.
  • Demonstrate the items that qualify as itemized deductions.
  • Determine tax credits and special taxes.
  • Calculate capital gains and losses.
  • Recognize the importance of ethics.
  • Demonstrate knowledge of basic income tax terminology.

Department Notes

This course is designed to introduce students to the Federal tax system for individuals and businesses. Students will learn how to complete basic schedules and forms, including the W-2, W-3, and W-4 forms.