In this course, the student will learn income tax practices and procedures necessary to prepare an accurate individual income tax return. Basic tax research and planning will be incorporated. Payroll tax laws and procedures will be examined including computing wages and withholdings, computing unemployment taxes and analyzing and journalizing payroll transactions. The course includes preparation of individual and payroll tax returns. Group 2 course.
Required Prerequisites ACC 123
General Education Outcomes supported by this course
Course Learning Outcomes Knowledge:
- Define the components of gross income.
- Identify adjustments to gross income.
- Identify basic tax planning techniques.
- Prepare accurate individual and payroll tax returns.
- Analyze issues related to the practice of tax.
- Identify the interaction between tax law and personal, societal and business decisions.
- Use problem-solving strategies based on data to make sound decisions.
Caring - Civic Learning:
- Identify how tax law impacts the student's own tax situation.
Learning How to Learn:
- Examine ethics involved in the practice of taxation.
- Research to assess and apply tax laws to tax issues.