ACC 125 - Federal/State Income Tax

Offered WI
Lecture- 3.25 Lab- 2
3 credit hrs/4 contact hrs
Fundamentals of income exclusions; deductions, allowable and not allowable; types of returns to be filed based on individual expenses, etc.; reporting methods of business income, net operating loss, carry forward and carry back, self‐employment tax, investment credit. Capital gains and losses, disposition of business assets, installment sales, and other specialized subjects.

Student Learning Outcomes:

Analyze gross income and exclusions as part of the examination of the individual income tax return.
Demonstrate their understanding of business expenses and retirement plans and further understand self-employed and employee expenses.
Determine allowable itemized deductions and other incentives and clarify credits and special taxes.
Examine and calculate accounting periods, methods, and depreciation.
Clarify and calculate capital gains and losses.
Calculate and prepare appropriate forms for withholding, estimated payments, and payroll taxes.
Communicate business concepts, methods, and evidence clearly in written and spoken course requirements.
Exhibit ethical/professional behavior in and out of the classroom in attendance, conduct, assignment completion, teamwork and constructive peer feedback.