ACCT 2193 - Federal Income Tax for Individuals

Description
This course is an introduction to the basic operation of the federal income tax laws and concepts for individuals and non-income tax for small businesses in Arkansas. The primary focus of this course is individual taxation including gross income, filing status, standard deduction, itemized and other deductions, losses, depreciation, tax credits, along with basic business taxes such as sales and use tax.

Pre-Requisite
NONE

3 Credit Hour(s)

Contact Hours
45 lecture/lab contact hours

3 Faculty Load Hour(s)

Semesters Offered
Spring

ACTS Equivalent
N/A

Grade Mode
A-F

Learning Outcomes
Students completing this course will be able to:

Apply the basics of federal income tax laws and consult appropriate resources.
Further their understanding of filing a complex tax return with itemized deductions.
Complete a federal income tax form for sole proprietorships under the Form 1040.
Demonstrate knowledge of state requirements (Arkansas) for filing sales and use tax.

General Education Outcomes Supported

Students develop higher order thinking skills.
Students can achieve mathematical literacy.
Students demonstrate information literacy.

Standard Practices
Topics List

Review and work with current income tax law.
Calculate Personal Income tax using current IRS rules.
Gross Income: Concepts, inclusions and exclusions.
Deductions and Losses.
Business Income and Expenses.
Adjusted Gross Income and Deductions.
Other Income Taxes
Tax Credits
Business Assets: Depreciation and Sale of Property
Sales and Use Tax

Learning Activities

Courses must cover the core learning outcomes for each topic. Faculty may add to these outcomes, but may not omit any of them.
Course should include learning activities for both knowledge of tax laws and application of tax laws.
This course requires additional work that may need to be completed out of class or in a virtual or on-campus lab.

Assessments

Homework, Projects, Tests and Quizzes

Grading Guidelines

At least 50% of the grade should come from exams and Tax Calculation Projects
Homework should include hands on calculations of taxes for each topic.
A = 90-100
B = 80-89
C = 70-79
D = 60-69
F = 59 or below