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Nov 21, 2024
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2024-2025 College Catalog
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ACC 105 - Individual Income Tax Preparation
Credits: 3
Lab/Lecture: Three Lecture.
Internal Revenue Service Code and Regulations as they pertain to the individual. Tax principles are applied to problems and the preparation of the individual income tax return.
Course Outcomes:
Students will be able to:
- demonstrate problem solving techniques
- prepare federal tax forms 1040EZ, 1040A, and 1040
- calculate gross income and adjusted gross income.
- complete various schedules supporting federal tax forms including Schedule A (itemized deductions), Schedule B (interest and ordinary dividends), Schedule C (profit or loss from a business), and Schedule D (capital gains).
- calculate tax credits.
- report payroll taxes.
- understand the effect of retirement, other tax deferred plans, and annuities on personal income tax.
- calculate special property transactions.
- complete other individual income tax calculations.
- review corporate and partnership returns.
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