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. Minimum Number of Instructional Minutes Per Semester
2250
IV. Prerequisites
ACCT106 (C or better) or permission of the Department of Business Studies
Corequisites
None
V. Other Pertinent Information
None
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. Learning Goals:

    1. Course
    2. 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.

    3. Core (if applicable)
    4. This course is not included in the Core.
  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 Core Learning Goals:

    1. Course
    2. The assessment of course learning goals will be based on exams, assignments, papers, performance based tasks and projects, and/or instructor evaluation.

    3. Core (if applicable)
    4. This course is not included in the Core.
  4. Reference, Resource, or Learning Materials to be used by Students:

    See course format for required textbook and any related materials.
VIII. Teaching Methods Employed
Section VIII is not being used in new and revised syllabi as of 12/10/08.

Review/Approval Date - 5/99; Revised 3/05; Revised 12/2011