Federal Tax Accounting: Individual Income Tax

Course Description:

This course provides a detailed overview of income, deductions, and tax liability of individuals under the U.S. Federal Income Tax System.

Students will Learn:

  • To identify the sources of taxable income for individuals.
  • To differentiate between types and benefits of tax deductions.
  • To calculate the taxable income and resulting tax liability of an individual.
  • To determine the amount owed or refund due when filing the individual tax return.

Course Modules:

Module 1 – The U.S. Federal Income Tax System

  • Learning Objective: Identify the key features of U.S. income taxes and how each applies to the taxation of individuals.

Module 2 – Calculating the Individual Income Tax

  • Learning Objective: Use the common elements of individual income tax returns to calculate income tax liabilities.

Module 3 – Sources of Gross Income for Individuals

  • Learning Objective: Determine the taxability of various types of income for individuals.

Module 4 – Deductions for Individuals

  • Learning Objective: Identify and calculate allowable deductions for individual taxpayers.

Module 5 – Completing the Individual Tax Return

  • Learning Objective: Calculate tax credits and prepayments to calculate the final amount owed or due to the taxpayer when the tax return is filed.

Recommended Background:

  • Students with a background in accounting, finance, personal finance, or bookkeeping desiring to develop an understanding of the taxation of individuals in the United States.
  • Students with prior experience with other tax regimes wishing to expand their knowledge to the U.S. Federal Income Tax System.
  • Students striving to better understand U.S. income tax for their own personal tax reasons.
  • Employees newly entering the finance and accounting areas.
  • Those preparing for and/or needing Continued Education Units for their certifications.

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