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.
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.
- 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.