ACT 223 - Income Tax (3 Credits)

This course offers an introduction to federal taxation. It provides an overview of the federal tax system, the determination of taxable income and the payment of taxes for the individual taxpayer. This course also provides an overview of the tax characteristics of business entities. Students determine the tax status, gross income, taxable income and tax liability of an individual taxpayer. Students also prepare an income tax return for a typical individual taxpayer. Lecture Hours: 39. Prerequisite(s): ACT 101 with a grade of “C” or better or permission of the department head. Usually offered in the fall.