DMC COLLEGE FOUNDATION

SCHOOL OF BUSINESS AND ACCOUNTANCY

BACHELOR OF SCIENCE IN ACCOUNTANCY
Sta. Filomena, Dipolog City

Course Code CAEC 2110

Course Title Income Taxation
Course Credit Three (3) Units
Prerequisite Intermediate Accounting 1

I.

COURSE DESCRIPTION:
This course focuses on income taxes of (a) individuals, (b) corporations, (c) partnerships, co-ownerships, joint ventures and (d) estates and trusts. The knowledge
on these taxes will be very useful for employers, employees, entrepreneurs and business consultants.

INSTITUTIONAL LEARNING OBJECTIVES:

By the end of their four-year stay at DMC, students should be able to:

1. Manifest academic excellence through their globally-competitive skills and desirable work ethics.
2. Exemplify the qualities of a graduate who achieves optimum integral human development.
3. Exhibit leadership by developing socially-oriented programs for disadvantaged communities to promote social justice, equity and transformation leading to self-
reliance.
4. Apply their acquired technology-based skills to their chosen field of practice.
5. Demonstrate excellence as active partners in nation-building through research and innovation.
6. Advocate nationalism through athletics, culture and the arts.
 CAEC 2110 SYLLABUS DMCCF – SBA – BS Accountancy

CURRICULAR PROGRAM EDUCATIONAL OBJECTIVES:

By the end of the four-year program, DMC should be able to:

1. Provide a foundation of professional knowledge, professional skills, and professional values, ethics and attitudes that enable students to continue to learn and adapt
to change throughout their professional lives.
2. Prepare students for the CPA licensure examinations and for employment in private establishment and public sector (government agencies).
3. Provide students with technology-based training and practical exercises applicable in the accountancy profession.
4. Produce well-rounded professional accountants of the future who are able to demonstrate learned concepts and principles with ethical decision capable of making a
positive contribution to the profession and society in which they work
5. Produce graduates who are computer literate, ethical, globally aware, analytical, critical thinkers, and effective communicators both oral and written, thereby prepare
them to adapt to the ever-changing demands of the real business world.
6. Constantly update the curricula and inform students on the latest developments in the accountancy profession brought about by the rapidly changing technology.

PROGRAM-LEVEL STUDENT LEARNING OUTCOMES:

By the end of their four-year stay in the program, the students can:
1. Demonstrate working knowledge in the areas of financial accounting and reporting, cost accounting and management, management accounting, auditing,
accounting information systems and accounting research with the values of fairness, transparency, accountability, hard work, honesty, patience, diligence,
innovativeness and risk taking.
2. Apply acquired knowledge and skills to pass Certified Public Accountant licensure examinations and other certification examinations.
3. Employ technology as a business tool in capturing financial and non-financial information, preparing reports and making decisions.
4. Demonstrate self-confidence in performing functions as a professional accountant.
5. Demonstrate leadership qualities, civic-mindedness and responsible citizenship.
6. Appraise ethical problems / issues in practical business and accounting situations and recommend appropriate course of action that adheres to the professional
code of ethics.

COURSE-LEVEL STUDENT LEARNING OUTCOMES:

1. An appreciation for the roll of taxes in today’s economic environment, tax policy, and the source of tax law;
2. An understanding of tax planning in business decisions, and the impact of taxes on various transactions;
3. Learned the basic terms, concepts and theories of income and income taxes;
4. The ability to apply tax rules and regulations to the individual taxpayer, and to calculate an individual’s taxable object and tax liability
5. Apply the acquired knowledge by preparing tax returns using the necessary BIR forms.
6. Learn the value of honesty in filing tax returns.
II. DESIRED LEARNING RESULTS
CAEC 2110 SYLLABUS DMCCF – SBA – BS Accountancy

God Fearing Manifest the spirit of Faith by internalizing and applying the principles of oneness, peace and prosperity through Gospel teachings in any
circumstances regardless of beliefs.

Knowledgeable Inculcate the significance of various learning processes towards attainment of goals to become productive graduate and effective business
administrators or marketing managers.

Socially Strengthen awareness on the significance of social gatherings, meetings, and confrontations to be able to develop acceptance of certain
Responsible responsibilities towards enhancement of public relation with the community they served.

Multi- Enhance and develop the learner’s potentials by applying the acquired skills and knowledge in achieving the goals of daily undertakings.
talented/Versatile
Committed to Serve Internalize the essence of service to oneself, family, community and the country which are among the significant values of a good business
administrator or marketing manager.

God Fearing Manifest the spirit of Faith by internalizing and applying the principles of oneness, peace and prosperity through Gospel teachings in any
circumstances regardless of beliefs.

Expected DMCian Graduate Attribute Rubrics

Excellent (4) Proficient (3) Adequate (2) Limited (1) Score

(Socially Responsible)
Obedient All group participants were Almost all members of the Some members of the All members were
active and performed the group were participative, group performed their hesitant, disagreeable and
tasks with genuine responsive and showed tasks without punctuality disobedient.
sincerity. acceptance of the tasks. and honesty.

Perceptive Performed the tasks Interpretations of the tasks Reflections and opinions The group performance of
creatively, critically objectives were based on are somehow based on the assigned tasks were
coupled with honesty and the set principles and the courtesy and respect. practically not visible.
sincerity values of the college.

(Knowledgeable)
Innovative The performance of the The duties and functions Some members displayed Displayed no interest in
assigned tasks was were performed with interest towards the the performance of tasks
 CAEC 2110 SYLLABUS DMCCF – SBA – BS Accountancy
genuinely based on strategies and techniques. attainment of the assigned due to its physical
excellent individual’s tasks. difficulties.
initiative.
Strategic Displays high level of Capable of establishing Lacks the skills, opinions Incapable of carrying tasks
performance and even methods that are and ideas when confronted as expected due to limited
beyond expectations. beneficial and for the with challenging initiatives.
welfare of all concerned.
circumstances.

(Committed to Serve)
Committed to service for Has displayed high level Performed tasks related to Punctuality does not exist, Total avoidance of
the welfare of DMCians commitment, dedication Public Community irregular appearances performing responsibilities
and service for the safety Services with the occurred, and poor and lacks of self-
and security of every observance of Public services to all concerned confidence in delivering
DMCian. Relation principles. are visible. social responsibility.

III.
GRADING SYSTEM

Preliminary Grade (PG) Midterm Grade (MG) Pre-final Grade (PFG)/ Finals Grade (FG) Semestral Final Grade (FG)

PRELIM EXAM 40% MIDTERM EXAM 40% PREFINAL EXAM 40% FINA EXAM 40% PG 25%
QUIZZES and QUIZZES and QUIZZES and QUIZZES and MG 25%
CLASS PARTICIPATION 40% CLASS PARTICIPATION 40% CLASS PARTICIPATION 40% CLASS PARTICIPATION 40% PFG 25%
ASSIGNMENTS 10% ASSIGNMENTS 10% ASSIGNMENTS 10% ASSIGNMENTS 10% FG 25%
ATTENDANCE 10% ATTENDANCE 10% ATTENDANCE 10% ATTENDANCE 10% FG 100%
100% 100% 100% 100%

Assessment Outcomes-Based
Student Learning Outcomes
TIME ALLOTMENT/TOPICS Strategies Assessment/Results/Evidence
(SLO)
(AS) (OBARE)
CAEC 2110 SYLLABUS DMCCF – SBA – BS Accountancy

Orientation • Recognize the requirements of the course

1. Requirements of the Course • Determine the grading system used
2. System of Grading • Identify the classroom policies
3. Classroom Policies

WEEK 1 General Principles and Concepts of Taxation • To have a background on taxation in general Quiz Quiz results
1. Inherent powers of the State, their similarities and and to know the bases of the exercise of the Class participation Rubric for class participation
distinctions power to tax
2. Taxation • To have basic understanding on the
3. Doctrines in taxation underlying doctrines in taxation

Tax Administration • To know the tax administrative agencies and Quiz Quiz results
1. Powers and duties of the BIR and other government their duties Class participation Rubric for class participation
WEEK 2 agencies • To have basic understanding of the
2. Tax assessment and tax collection processes of tax assessment and collection
Concept of Income Quiz Quiz results
1. Distinction between income and other terms • To have basic understanding of the concept Problem solving Problem solving results
2. Characteristics of income Class participation Rubric for class participation
WEEK 3
3. Sources within or outside the Philippines • To know the different methods of reporting
4. Classification income
5. Forms and valuation
Gross Income • To know what constitute gross income and Quiz Quiz results
1. Compensation income how they are valued Problem solving Problem solving results
WEEK 4 2. Income from business and profession • To differentiate normal tax from final tax Class participation Rubric for class participation
3. Gains from dealings in property
4. Passive income

EXAMINATION WEEK/PRELIM EXAMINATION

Exclusion from Gross Income • To know what income are not included in the Quiz Quiz results
1. Nontaxable compensation income and other determination of taxable income Problem solving Problem solving results
receipts • To distinguish when income is taxable and Class participation Rubric for class participation
WEEK 6
2. De minimis benefits when it is not taxable
3. Insurance proceeds
4. Other tax-exempt income
CAEC 2110 SYLLABUS DMCCF – SBA – BS Accountancy
Fringe Benefits Tax • To have basic understanding of the concept Quiz Quiz results
1. Housing, vehicle of fringe benefits Problem solving Problem solving results
2. Expense account • To have basic understanding of the fringe Class participation Rubric for class participation
3. Household help benefits of supervisor/managerial employees
WEEK 7-8 4. Interest on loan • To compute the fringe benefits tax due
5. Membership fees
6. Expenses for foreign travel
7. Holiday and vacation expenses
8. Educational assistance
9. Insurance
Dealings in Property • To distinguish ordinary from capital assets Quiz Quiz results
WEEK 9 1. Taxation on stock transactions • To compute the tax due on various stock Problem solving Problem solving results
2. Disposition of real property transactions and disposals of real property Class participation Rubric for class participation

EXAMINATION WEEK/MIDTERM EXAMINATION

Deductions from Gross Income • Distinguish between revenue and capital Quiz Quiz results
1. Regular allowable itemized expenditures Problem solving Problem solving results
2. Special allowable itemized deductions • Determine whether expense is deductible Class participation Rubric for class participation
Losses from business income or not
WEEK 11
3. Kinds • Determine whether loss is deductible or not
4. Requisites for deductibility
5. Classification
6. Net operating loss carryover
Basic Income Tax Patterns • To know and differentiate the three income Quiz Quiz results
1. Income tax system tax patterns Problem solving Problem solving results
WEEK 12 2. Groups and sources of income taxpayer • To determine the sources and taxability of Class participation Rubric for class participation
3. Groups of income the income of the different taxpayers
4. Personal exemptions
Income Tax of Individuals • To know and distinguish the various Quiz Quiz results
1. Classification of citizens and aliens individual taxpayers Problem solving Problem solving results
WEEK 13 2. Special taxpayers • To compute the income tax due on Class participation Rubric for class participation
3. Personal and additional exemptions individuals
4. Filing and payment of individual income tax return

EXAMINATION WEEK/SEMIFINAL EXAMINATION

CAEC 2110 SYLLABUS DMCCF – SBA – BS Accountancy
Income Tax of Corporations • To know and distinguish the various Quiz Quiz results
1. Classification corporate taxpayers Problem solving Problem solving results
WEEK 15
2. Special taxpayers • To compute the income tax due on Class participation Rubric for class participation
3. Filing and payment of corporate income tax return corporations
Income Taxes of Partnerships, Co-ownerships, Quiz Quiz results
Joint Ventures • To know and distinguish between
professional partnership and co-partnership
Problem solving Problem solving results
WEEK 16 1. Partnership Class participation Rubric for class participation
2. Co-ownership • To compute the income tax due on
partnerships, co-ownerships and joint ventures
3. Joint venture
Income Taxes of Estates and Trusts • To know and distinguish between income of Quiz Quiz results
WEEK 17
estates and income of trusts Problem solving Problem solving results
• To compute the income tax due on estates Class participation Rubric for class participation
and trusts
Withholding Taxes • To have basic understanding on withholding Quiz Quiz results
1. Classification taxes and to know the persons required to Problem solving Problem solving results
WEEK 18
2. Exemption deduct and withhold taxes on income Class participation Rubric for class participation
3. Where and when to file payments

EXAMINATION WEEK/FINAL EXAMINATION

 CAEC 2110 SYLLABUS DMCCF – SBA – BS Accountancy
IV. COURSE POLICIES

1. Regular attendance is required of all students. Attendance is counted upon the first day of regular classes regardless of the date of the student’s enrollment.
2. A student who has incurred absences of more than twenty (20%) of the required total number of class hours and laboratory periods in a given time shall be
considered failed.
3. Tardiness beyond twenty (20) minutes is considered an absence. Three late entrances shall be counted as an absence for the purpose of record keeping.
4. A student is considered absent, from class if he/she is not present within the first third fraction of the scheduled class time.

V. REFERENCES:

Edwin G. Valencia and Gregorio F. Roxas (2013-2014). Income Taxation. Valencia Educational Supply.

Prepared by: Checked by Noted by: Approved:

HURLY B. ALAMPAY, CPA, CTT ARIANNE MAE C. SARENO, LPT RACHELL-ANN B. BULJATIN, CPA DR. DINO JOEY CORDOVA
Instructor Coordinator OIC Dean VP- Academic Affairs and Research