ACCT 118 - Individual Taxation

Credits: 5
Introduces the principles and problems in tax accounting for individuals. Includes the concepts of gross income, adjusted gross income, taxable income, deductions, exemptions, and credits. Provides experience in completing tax reporting forms manually and with tax return preparation software.

Prerequisite: ACCT 111 or ACCT& 201 with a grade of 2.0 or higher; or instructor’s permission.

Course Outcomes:
Students who successfully complete this class will be able to:

Analyze and calculate standard deductions and exemptions and items of gross income, business income and expenses, itemized deductions, credits and special taxes.
Prepare income tax forms.
Demonstrate the effective use of tax preparation software.

Program Outcomes

Translate data into various formats such as symbolic language, equations, graphs, and formulas.
Implement calculator/computer technology to solve problems.

College-wide Outcomes

Critical Thinking - Critical thinking finds expression in all disciplines and everyday life. It is characterized by an ability to reflect upon thinking patterns, including the role of emotions on thoughts, and to rigorously assess the quality of thought through its work products. Critical thinkers routinely evaluate thinking processes and alter them, as necessary, to facilitate an improvement in their thinking and potentially foster certain dispositions or intellectual traits over time.
Quantitative and Symbolic Reasoning - Quantitative Reasoning encompasses abilities necessary for a student to become literate in today’s technological world. Quantitative reasoning begins with basic skills and extends to problem solving.