ACCT 1370 - Individual Income Tax

4.5 Credits

Students learn the fundamental principles of individual income tax.  This course introduces students to current tax law, basic filing requirements, includable income, adjustments, itemized deductions, and tax credits. Students engage in an in-depth study of individual income tax including the laws and practices related to calculating and preparing individual income tax. 

Note: This is one of two courses addressing taxation.  ACCT 1371 Business Income Tax explores taxation in business. Students planning to take both tax classes should attempt to take ACCT 1370 and ACCT 1371 immediately after one another to facilitate understanding and learning.

Lecture Hours: 4.5
Lab Hours: 0.0
Internship Hours: 0.0
Clinical or Practicum Hours: 0.0

Course Objectives

Identify tax rate structures and various federal, state and local taxes.
Identify the filing status, number of exemptions, and income filing requirements for an individual taxpayer.
Calculate the includable gross income to be reported on Form 1040.
Prepare adjustments to gross income and calculate adjusted gross income.
Identify deductible itemized deductions and calculate taxable income.
Calculate the tax liability and amount of refund or overpayment of tax.
Prepare Form 1040, supplementary forms and schedules.

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