ACC-2210 Federal Income Tax

Credits: 3
This course is the first course in a university-parallel sequence in taxation. Students are introduced to the structure of the U.S. tax system, fundamental tax terminology, and the various types of federal taxes. Students learn how to apply the basic tax formula to determine individual tax liabilities using tax tables and rate schedules. Additionally, students discuss personal and dependency exemptions, gross income and exclusions, deductions, tax credits, and payments and learn how these rules apply when preparing tax forms. Finally, students explore foundational tax planning considerations to understand how these tax concepts impact individual financial decisions.

Prerequisite(s): ACC-1002

Course Outcomes

Explain the U.S. tax structure and basic tax terminology.
Describe major types of U.S. taxes.
Calculate tax liabilities with the basic tax formula, tax tables, and tax rate schedules.
Apply rules related to personal and dependency exemptions, gross income, and exclusions to gross income.
Calculate tax credits and tax payments.
Describe basic tax planning considerations.