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206 - Taxation: Federal Income (4 hours)*
Federal income tax is life. This class lives in a statute, the Internal Revenue Code. It focuses on reading, interpreting, and applying the rules of the Code. It is primarily a statutory interpretation class. Students will calculate the federal income tax liabilities of taxpayers by determining each taxpayer's gross income, determining and subtracting above the line deductions, noting adjusted gross income, subtracting either itemized deductions or the standard deduction, applying tax rates and then calculating and subtracting any available tax credits. We will do calculations using only the +, -, multiply, and divide functions on a $5ish calculator.
* This course may be offered for 3 hours during some years.