ACCT 1125 Syllabus

Subject Code

ACCT

Course Number

1125

Course Title

Individual Tax Accounting

Prerequisites

Provisional admission

Corequisites

Terms Offered

Credit Hours

Course Description

This course provides instruction for the preparation of individual federal income tax returns. Topics include taxable income, income adjustments, schedules, standard deductions, itemized deductions, exemptions, tax credits, and tax calculations.

Course Outcomes

Taxable Income

  • Compute taxable income.

Income Adjustments

  • Define components of gross income.
  • Record components of gross income.
  • Determine income adjustments.
  • Compute adjusted gross income.

Schedules

  • Identify the appropriate schedule for a given income item.
  • Demonstrate completion of schedules for various income items.
  • Prepare the appropriate schedules for a given deduction item.
  • Demonstrate completion of schedules for various deduction items.
  • Prepare schedules for miscellaneous tax items such as tax credits.
  • Demonstrate completion of schedules for various tax credits.

Standard Deductions

  • Record the appropriate standard deduction for a given taxpayer in arriving at taxable income.

Itemized Deductions

  • Record in place of the standard deduction the total of all allowable itemized deductions for a given taxpayer in arriving at taxable income.

Exemptions

  • Record the appropriate personal exemption for a given taxpayer in arriving at taxable income.

Tax Credits

  • Identify applicable tax credits.
  • Record applicable tax credits.

Tax Calculations

  • Establish the amount of taxes owed or the refund due based on payments already made to the governing institutions.