U.S Taxes 101

Is this course right for me?

What is an exemption? Who qualifies as a dependent? How do you report interest from a Form 1099? Are you among the millions of Americans who find themselves confused about tax terms and forms? Maybe you are interested in learning more about the basic concepts behind taxes. This Taxes 101 course is designed to help take the mystery out of taxes.

This course is divided into 14 self-paced modules that aim to guide students through learning the basics of tax terms and principles, how to apply them, step-by-step approach to tax preparation, as well as provide you with the foundational information needed to electronically file your own tax return.

*This course is for informational purposes. Users are advised to seek out a reputable tax accountant or consult with the IRS for additional information or questions.*

Course Goals/Objectives

• Identify the types and uses of payroll taxes.
• Distinguish between gross and net pay.
• Describe how employers withhold and remit taxes.
• Explain the purpose of Form W-4.
• Apply the seven dependency tests to determine whether a person can be claimed as a dependent.
• Explain how exemptions affect income that is subject to tax.
• Explain how the standard deduction affects income that is subject to tax.
• Distinguish between a refundable tax credit and a nonrefundable tax credit.
• Apply the requirements to claim the child tax credit and additional child tax credit, including the requirements for the child and the taxpayer.
• Distinguish between a tax deduction and a tax credit.
• Apply the requirements to claim the tax credit for the child and dependent care expenses, including those for the taxpayer, for the child or dependent, and for the expenses.
• Explain the American Opportunity Credit and the Lifetime Learning Credit.
• Distinguish between a tax deduction and a tax credit.
• Describe the factors that determine the amount of the earned income credit.
• Define a refund and explain how refunds are received.
• Describe the ways to prepare and transmit tax returns.
• Explain the benefits of electronic tax return preparation and transmission.
• Explain how to compute and report self-employment profit and tax.