ACCT 213 - Federal Individual Income Taxation

3 Credits: (3 lecture)

Course Description

The course is designed to provide students with an understanding and practical knowledge of basic federal tax laws and regulations as they apply to reporting requirements, individual tax returns, income and deductions, taxable income and tax expenses, and related calculations.

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. Describe the different entities subject to tax and the corresponding reporting requirements.

B. Examine federal income taxation from a historical perspective and recognize its role in achieving economic, social, and political objectives.

C. Explain basic federal income tax concepts and terminology.

D. Distinguish between gross income and exclusions from gross income.

E. Identify business income and common business expenses.

F. Identify deductions and credits from income.

G. Solve tax calculations through the preparation of common individual tax formulas.

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

I. Discuss qualified retirement plans and how they are used.

J. Explain the tax administration and audit processes.

K. Discuss ethical issues in taxation.

Content
A. The individual income tax return.

B. Gross income and exclusions.

C. Business income and expenses. 

D. Additional income and self-employment tax. 

E. Deductions for and from adjusted gross income.

F. Accounting periods and other taxes. 

G. Tax credits.

H. Depreciation and sale of business property. 

I. Employment taxes, estimated payments, and retirement plans.

J. Tax administration and tax planning.

Student Evaluation
Objectives A-K will be assessed by a minimum of three tests, projects, homework, a comprehensive tax return, and final exam.