ACC 202 - Introduction to Tax Accounting
The primary objective of this course is to gain a practical understanding of the personal income tax, various payroll taxes and the Pennsylvania sales tax. Students will demonstrate an understanding of these taxes by making appropriate calculations and preparing current tax forms. This is a required course for students in the accounting curriculum and an elective for students enrolled in other career programs. Credit for this course will not be given to students who attain credit for Federal Income Tax Accounting (ACC 210).
Upon satisfactory completion of this course, students should be able to:
Discuss the history and objectives of the U.S. tax system.
Determine who must file a tax return, filing status, personal and dependent exemptions and the standard deduction.
Identify items to be included in and excluded from gross income.
Calculate capital gains and losses.
Complete tax returns for the self-employed.
Compute deductions for adjusted gross income.
Identify and calculate itemized deductions.
Compute the income tax liability using tax tables and tax rate schedules. Identify and calculate various tax credits and prepayments.
Complete tax forms for the employer's reporting of FICA, State and Federal Unemployment Compensation tax, and Pennsylvania sales tax.
Lecture Hours: 3