ACCT 213 - Income Taxation

3 Credits: (3 lecture)

Course Description

The course is designed to provide an overview of income tax laws and the detailed provisions that most individuals will encounter in their personal lives. The course emphasis is on the understanding and application of tax law provisions as opposed to the theoretical approach.

Text
Whittenburg, G. E. & Gill, S. (2024).  Income tax fundamentals 2024 (42nd ed.).  Boston, MA: Cengage Learning.

Objectives
The student will be able to: 

A. Predict the impact of taxation on a chosen life-style. 

B. Identify taxable and nontaxable income as well as deductions and credits from income. 

C. Identify taxable and nontaxable property and selected business transactions. 

D. Solve tax calculations through the preparation of common individual tax returns. 

E. Identify certain employee benefit plans and retirement income. 

F. Describe the process of estimating withholding and payment of payroll related taxes. 

G. Explain, in general terms, the tax administration and audit process.

Content
A. The fundamentals of the individual income tax return 

B. Gross income and exclusions 

C. Business expenses and retirement plans 

D. Self-employed and employee expenses 

E. Itemized and certain other deductions 

F. Credits and special taxes 

G. Accounting periods, methods, and depreciation 

H. Withholding, estimated payments, and payroll taxes 

I. Tax administration and tax planning

Student Evaluation
The student’s final grade will be based on a minimum of three tests and a comprehensive final examination and a combination of papers, projects, and quizzes.