Course Content and Outcomes Guides (CCOG)

CCOG for MUC 234 archive revision 201403

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Effective Term:
Summer 2014 through Winter 2018

Course Number:
MUC 234
Course Title:
Income Tax Preparation for Musicians
Credit Hours:
1
Lecture Hours:
10
Lecture/Lab Hours:
0
Lab Hours:
0

Course Description

Prepare federal and state individual returns, and introduces partnership and corporate taxation. Includes basics of record-keeping and financial planning. Audit available.

Intended Outcomes for the course

  1. Students will be able to prepare for Federal Tax Forms 1040 and Oregon State Form 40.
  2. Students will be able to prepare for Federal Schedule C (Profit or Loss from a Small Business).
  3. Students will be able to prepare for Schedules A and B.
  4. Students will be able to prepare for Schedule SE.
  5. Students will be able to set up a record-keeping system geared toward the preparation of taxes.
  6. Students will be able to make informed decisions about insurance, retirement funds, and responsible use of credit.

Outcome Assessment Strategies

The type of assessment will be determined by the individual instructor. Assessment methods may include:

  1. Attendance and participation
  2. Creating a sample record-keeping format
  3. Financial planning strategy with regard to retirement, insurance, and responsible use of credit.

Course Content (Themes, Concepts, Issues and Skills)

COURSE CONTENT

  1. Form 1040 including filing status, exemptions, income and adjusted gross income
  2. Standard deduction and itemizing with Schedule A
  3. Schedule C: Profit or Loss from a Business
    1. Part I: Income
    2. Part II: Expenses
  4. Schedule SE: Self-employment Tax
  5. Retirement accounts (IRAs) and compound interest
  6. Life Insurance
  7. Using credit wisely


COMPETENCIES AND SKILLS

  1. Organize records for tax preparation
  2. Complete Form 1040
  3. Complete Form A/B
  4. Complete Schedule C
  5. Complete Schedule SE
  6. Plan a retirement account
  7. Make informed choices regarding life insurance
  8. Make informed choices regarding use of credit