Federal Income Tax I: Individual Income Tax ((4 Credits))

Catalog description

The course provides an overview of the Federal personal income tax law, its history, related ethical concepts and application of tax code. Among topics covered are the bases for income tax computations including the concepts of filing status and allowances, exemptions, taxable income sources including self-employment, gross income, adjusted gross income, deductions, credits, alternative minimum taxes, and preparation of a simple-moderate personal Federal income tax returns and basic cases of tax planning reinforcing tax research and communication skills. This course covers in its components professional ethics and social responsibility, research and communication skills in business. Note: The course satisfies quantitative aspects of business, research, professional ethics, and communication skills. This course was previously BME-213604 Income Tax 1. Prerequisites: ACCT 2005 and ACCT 2010 , or equivalents.