This course is a basic introduction to federal individual and estate taxation. The purpose is to familiarize the student with fundamental tax issues and provide the student with a general understanding of the history, laws, and policies of federal taxation.
This undergraduate course is 5 weeks.
This course has a prerequisite. Please see details in the Prerequisite section below.
Attendance and participation are mandatory in all university courses, and specific requirements may differ by course. If attendance requirements are not met, a student may be removed from the course. Please review the Course Attendance Policy in the Catalog for more information.
Topics and Objectives
Introduction to Federal Income Taxes for Individuals
- Describe the objectives of taxation and the primary types of federal, state, and local taxes.
- Calculate federal income taxes using tables and rates from the Internal Revenue Service (IRS).
- Identify filing requirements for federal income tax returns.
Income, Exemptions, and Exclusions
- Distinguish between the different types of income reported on IRS Form 1040.
- Apply IRS criteria to determine filing status, personal exemptions, and dependency exemptions.
- Calculate federal gross income and exclusions from income.
Deductions “for” and “from” Adjusted Gross Income (AGI)
- Calculate common deductions “for” AGI as reported on the IRS Form 1040.
- Distinguish between deductions “for” versus “from” AGI.
- Identify common deductions “from“ AGI (itemized deductions) using a Schedule A.
Tax Computation, Tax Credits, and Business Income
- Calculate a taxpayer’s regular tax liability.
- Apply different types of common tax credits.
- Describe the general requirements for deducting business expenses and common business deductions.
Taxation for Property Acquisition, Depreciation, and Disposition
- Describe the tax treatment of property acquisition.
- Calculate depreciation using IRS tables and formulas.
- Describe the tax treatment for property disposal.
A prerequisite is required for this course. The purpose of a prerequisite is to ensure students have the knowledge and/or skills needed to be successful in the course. Students are required to provide proof of prerequisite during the enrollment/registration process. To meet to a course prerequisite requirement, a student must have successfully completed the prerequisite course at University of Phoenix, provide proof via transcript of completing a comparable course (at least 75% match) or higher level course with at least a grade of C at another institution or have a University of Phoenix approved Student Appeal on file with the University.
This course requires the prerequisite below. Click on the prerequisite course to review the course topics and objectives.
ACC/291 or ACC/291T – Principles of Accounting II or equivalent
During the checkout process you will be prompted to provide proof of the requirement(s). If you completed the prerequisite at another institution be prepared to upload an official/unofficial transcript. If you have questions about meeting the prerequisite requirements for this course please contact an enrollment representative at 866-354-1800.
The University of Phoenix reserves the right to modify courses.
While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with an Enrollment Representative.
Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.
If you have a question contact us at 866-354-1800.