ACCT240 Federal and State Taxes I

Department of Business Studies: Accounting

I. Course Number and Title
ACCT240 Federal and State Taxes I
II. Number of Credits
3 credits
III. Number of Instructional Minutes
IV. Prerequisites
ACCT106 (C or better) or permission of the Department of Business Studies
V. Other Pertinent Information
VI. Catalog Course Description
This course examines Federal and Pennsylvania state tax laws as they relate to individual income taxes. This course emphasizes the concepts of filing requirements, the determination of and adjustments to gross income, personal and business deductions, and business income.
VII. Required Course Content and Direction
  1. Course Learning Goals

    Students will:

    1. examine the history of the federal income tax system and identify some of the taxes imposed at various governmental levels;
    2. demonstrate an understanding of and apply the components of the Federal and Pennsylvania state income tax formulas; and
    3. calculate depreciation, amortization, and depletion applicable to various types of assets.
  2. Planned Sequence of Topics and/or Learning Activities

    1. an introduction to taxation and understanding the federal and Pennsylvania state tax laws
    2. working with the tax law
    3. tax determination; personal and dependency exemptions: an overview of property transactions
    4. gross income: concepts and inclusions
    5. gross income: exclusions
    6. deductions and losses: in general
    7. deductions and losses: certain itemized deductions
    8. deductions: employee expenses
    9. deductions and losses: certain business expenses and losses
    10. depreciation, cost recovery, amortization, and depletion
  3. Assessment Methods for Course Learning Goals

    The assessment of course learning goals will be based on exams, assignments, papers, performance based tasks and projects, and/or instructor evaluation.
  4. Reference, Resource, or Learning Materials to be used by Student:

    See course syllabus for required textbook and any related materials.

Review/Approval Date - 5/99; Revised 3/05; Revised 12/2011; New Core 8/2015