Description:

This course teaches the student federal income tax rules and the procedures for reporting federal income tax. Upon completion of this course, the student should be able to do short- and long-range tax planning and keep records that will provide appropriate information for use in preparing federal income tax. The student should also be able to prepare the standard individual federal income tax return. 3 hrs./wk.

Supplies: Refer to the instructor’s course syllabus for details about any supplies that may be required.

Prerequisites: NONE

Textbook(s): For information see - http://bookstore.jccc.net

Course Fees: NONE

Course Objectives:

Upon successful completion of this course the student should be able to:

1. Describe the basic Federal Individual Tax Model.
2. Determine and explain tax treatment of gross income.
3. Determine and explain tax treatment of deductions.
4. Describe tax computation methods.
5. Determine and explain tax treatment of property transactions.

Content Outline & Competencies:

I. Individual Income Tax
   A. Explain the tax formula.
   B. Calculate tax using rate schedules.
   C. Calculate tax using tax tables.
   D. Determine personal exemptions.
   E. Determine dependency exemptions.
   F. Determine filing status.
   G. Describe who is required to file a tax return.
   H. Determine the standard deduction.

II. Gross Income
   A. Define income.
   B. Determine income that must be included in gross income.
   C. Determine income that can be excluded from gross income.

III. Deductions
   A. Define deductions.
   B. Calculate business expense deductions and losses.
   C. Calculate depreciation.
   D. Determine employee expense deductions.
   E. Analyze and determine itemized deductions.
   F. Explain passive activity losses.

IV. Tax Computation
   A. Describe alternative minimum tax.
   B. Calculate tax credits.
   C. Describe payment procedures.

V. Property Transactions
   A. Establish the basis of property.
   B. Calculate gain or loss on sale.
   C. Calculate gain or loss on exchange.
   D. Define capital assets.
   E. Define holding period.

Methods of Evaluation of Competencies:

Evaluation of student mastery of course competencies will be accomplished using the following methods:

   A minimum of 1 project
   A minimum of 3 exams
   Class participation
                  
Grade Criteria:
      A = 90 - 100%
      B = 80 -  89%
      C = 70 -  79%
      D = 60 -  69%
      F = below 60%

Caveats: NONE

Disabilities:

If you are a student with a disability, and if you will be requesting accommodations, it is your responsibility to contact Access Services. Access Services will recommend any appropriate accommodations to your professor and his/her director. The professor and director will identify for you which accommodations will be arranged.

JCCC provides a range of services to allow persons with disabilities to participate in educational programs and activities. If you desire support services, contact the office of Access Services for Students With Disabilities (913) 469-8500, ext. 3521 or TDD (913) 469-3885. The Access Services office is located in the Success Center on the second floor of the Student Center.