AC 312 - Federal Income Taxes

1. Compare various types of taxes and the bases on which they are levied by various governmental units;
2. Explain the characteristics of progressive, proportional, and regressive tax systems using the characteristics of equity, economy, certainty, and convenience;
3. Describe the steps in the tax research process and demonstrate the ability to evaluate primary sources of authority, reach reasonable conclusions, and communicate the results;
4. List the most common income exclusions and explain the rationale for excluding them from taxation;
5. Identify common employee fringe benefits, whether taxable or nontaxable, and explain their tax effects on employers and employees;
6. Outline the components of the individual tax model;
7. Compare the deductions available on personal income tax returns with those of business tax returns;
8. Contrast the tax provisions in place for capital gain property dispositions with the taxation of other types of income;
9. Prepare a basic individual income tax return, including income from wages, interest, and dividends, as well as the most common itemized deductions.