Programs of Study

Income Tax I

Course Description

This course covers individual income tax law as prescribed in the Internal Revenue Code of 1986. A brief overview of federal tax legislation provides a framework for understanding the law. The components of the tax formula are defined and discussed. The incremental nature of tax rates is explained, and tax rate schedules are used to compute sample cases. Gross income is defined along with exclusions and deductions, as well as various tax credits. Business deductions including depreciation are described and calculated in the last part of the course. (Prerequisite: None) (3 credits: 3 lecture/0 lab)

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