Income Tax

Course Number: BA 256
Transcript Title: Income Tax
Created: September 1, 2012
Updated: August 26, 2019
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), P-NP, audit
Repeats available for credit: 0

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. Complete a basic set of forms and schedules for an individual taxpayer.
  2. Understand and apply current tax rules and regulations.
  3. Calculate the correct amount of tax using tax tables and/or tax formulas provided by the government.

Outcome Assessment Strategies

Assessment methods may include: examinations, quizzes, homework assignments, research papers, and small group problem-solving of questions arising from application of course concepts and concerns to actual experience, oral presentations.

Course Activities and Design

The determination of teaching strategies used in the delivery of outcomes is generally left to the discretion of the instructor. Here are some strategies that you might consider when designing your course: lecture, small group/forum discussion, flipped classroom, dyads, oral presentation, role play, simulation scenarios, group projects, service learning projects, hands-on lab, peer review/workshops, cooperative learning (jigsaw, fishbowl), inquiry based instruction, differentiated instruction (learning centers), graphic organizers, etc.

Course Content (Themes, Concepts, Issues and Skills)

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.