Course Snapshot for ACC131 - Income Tax
The information listed below is subject to change. Please review the course syllabus within your online course at the start of class.
Course Competencies
The competencies you will demonstrate in this course are as follows:
- Determine when it is necessary or advantageous to file a tax return.
- Identify the requirements for the most advantageous filing status.
- Maximize the number of personal exemptions and dependency exemptions allowed under current tax law.
- Correctly determine the amount of income to include or exclude from gross income for the following items: wages, interest income, dividends, self-employment income, state tax refunds, pension income, alimony, child support, unemployment compensation, social security benefits, distributions form an IRA, life insurance proceeds, and inheritances.
- Correctly determine the amount of income to include or exclude from gross income for the following items: wages, interest income, dividends, self-employment income, state tax refunds, pension income, alimony, child support, unemployment compensation, social security benefits, distributions form an IRA, life insurance proceeds, and inheritances.
- Identify and compute the following deductions from gross income to determine adjusted gross income: IRA deductions, student loan interest, moving expenses, self-employed health insurance, self-employment tax and alimony.
- Identify allowable itemized deductions for the following areas: medical and dental, taxes, interest, charitable contributions, and miscellaneous deductions.
- Identify refundable and non-refundable tax credits.
- Determine the eligibility requirements and calculate the amount for the following credits: child tax credit, child and dependent care expenses, education credits, adoption credit and earned income credit.
Module Outcomes Mapped to Competencies
The module objectives you will demonstrate in support of the course competencies are:
| Outcomes | Competencies | |
|---|---|---|
| 1 | Analyze taxpayer Information to determine who is required to file a return, the most advantageous filing status and any personal and/or dependency exemptions | A, B, C |
| 2 | Identify taxable and non-taxable income and deductions for adjusted gross income | D, F |
| 3 | Calculate business income and deductible expenses | D |
| 4 | Differentiate between a business and a hobby for tax purposes | D |
| 5 | Complete Internal Revenue Service tax forms | A, B, C, D, F |
| Outcomes | Competencies | |
|---|---|---|
| 1 | Analyze taxpayer Information to determine who is required to file a return, the most advantageous filing status and any personal and/or dependency exemptions | A, B, C |
| 2 | Maximize the number of personal exemptions and dependency exemptions allowed under current tax law | C |
| 3 | Calculate business income and deductible expenses | D |
| 4 | Identify allowable itemized deductions | G |
| 5 | Identify refundable and non-refundable tax credits | H |
| 6 | Differentiate between a business and a hobby for tax purposes | D |
| 7 | Correctly determine the amount of interest income to include in gross income | D |
| 8 | Determine the eligibility requirements and calculate the amount for the following credits: child tax credit, child and dependent care expenses, education credits, adoption credit and earned income credit | I |
| 9 | Complete Internal Revenue Service tax forms | A, B, C, D, G, H, I |
| Outcomes | Competencies | |
|---|---|---|
| 1 | Analyze taxpayer Information to determine who is required to file a return, the most advantageous filing status and any personal and/or dependency exemptions | A, B, C |
| 2 | Calculate business income and deductible expenses | D |
| 3 | Differentiate between a business and a hobby for tax purposes | D |
| 4 | Correctly determine and categorize different types of capital gains and losses | E |
| 5 | Complete Internal Revenue Service tax forms | A, B, C, D, E |
| Outcomes | Competencies | |
|---|---|---|
| 1 | Determine when it is necessary or advantageous to file a tax return | A |
| 2 | Complete Internal Revenue Service tax forms | A |
| Outcomes | Competencies | |
|---|---|---|
| 1 | Analyze taxpayer Information to determine who is required to file a return, the most advantageous filing status and any personal and/or dependency exemptions | A, B, C |
| 2 | Identify taxable and non-taxable income and deductions for adjusted gross income | D, F |
| 3 | Calculate business income and deductible expenses | D |
| 4 | Differentiate between a business and a hobby for tax purposes | D |
| 5 | Correctly determine and categorize different types of capital gains and losses | E |
| 6 | Identify allowable itemized deductions | G |
| 7 | Identify refundable and non-refundable tax credits | H, I |
| 8 | Complete Internal Revenue Service tax forms | A, B, C, D, E, F, G, H, I |
Course Time Commitment and Expectations
For every credit hour, students should plan to spend an average of 2-3 hours per week for course-related activities in a 15-week course. For example, a 3 credit hour course would average an average 6-9 hours per week to read/listen to the online content, participate in discussion forums, complete assignments, and study the course material. For 10 and 6-week courses, the amount of time per week will be higher so all course competencies, module outcomes, and assignments will be covered.
Aside from typical reading assignments, this course has the following (Please Note: This list is subject to change based on the discretion of the instructor facilitating this course.):
| Assignment | Points | % |
|---|---|---|
| Discussions (6 @ 25 points each) | 150 | 13% |
| Quizzes (5 @ 100 points each) | 500 | 42% |
| Tax Returns (5 @ 50 points each) | 250 | 21% |
| Ethics Assignments (3 @ 35 points each) | 105 | 9% |
| Chapter Assignments (12 @ 15 points each) | 180 | 15% |
| TOTAL | 1,185 | 100% |
| A = 90 to 100% | B = 80 to 89% | C = 70 to 79% | D = 60 to 69%; | F = 59% and below |
CCCOnline Course Quality Commitment
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- There is navigation consistency across all CCCOnline courses.
- Most of our courses come with illustrative models and videos to enhance learning concepts.