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Nov 08, 2024
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ACC 265 - Income Tax Accounting Credits: 4 Lecture Hours: 4 Lab Hours: 0 Practicum Hours: 0 Work Experience: 0 Course Type: Open An introduction to personal income tax. Emphasizes computation of federal and state income taxes and preparation of tax forms. Prerequisite: Successful completion of ACC 111 or ACC 131 with a grade of “C” or above Competencies
- Assess filing status
- Identify marital status
- Select filing status relating to taxpayer marital status
- Determine dependents and how dependents affect filing status
- Calculate personal income tax
- Summarize gross income
- Explain the various types of deductions
- Explain the various tax credits available
- Discuss special taxes to which individuals may be subject
- Discuss exceptions to general rules in the tax law
- Compute taxable income
- Determine tax liability
- Explain depreciation for tax purposes
- Discuss the importance of accounting periods
- Discuss MACRS
- Explain rules for listed property
- Explain section 179 election to expense
- Explain capital gains and losses for tax purposes
- Discuss difference between ordinary assets and capital assets
- Define capital assets
- Discuss holding periods for capital assets
- Explain tax ramifications of selling capital assets
- Analyze payroll taxes
- Summarize federal withholding tax procedures
- Explain the concept of the FICA tax
- Illustrate the computation of self-employment taxes
- Examine the necessary tax forms
- Describe the estimated tax procedure
- Examine the various required tax forms for reporting income
- Review the nature of partnership taxation
- Define what constitutes a partnership
- Describe the rules for establishing partner’s original basis
- Explain procedures for reporting partnership income or loss
- Discriminate between corporate and personal income taxes
- Discuss corporate tax law
- Define corporate tax rates
- Compute corporate tax liability
- Summarize pertinent internal revenue service procedures
- Relate the structure of the internal revenue service
- Explain the internal revenue service audit procedure
- Outline types of penalties imposed on taxpayers
- Contrast Federal and Iowa income taxes
- Discuss Iowa tax law
- Demonstrate differences between federal statutes
- Prepare a complete Federal and Iowa tax return
- Experiment with tax preparation software
Competencies Revised Date: 2020
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