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Quiz: IT's About Taxes

IT's about...Taxes?

Yep, it's tax time here in the U.S., finally the moment when freelance consultants try to gather up those W-2s and 1099s and figure out the damage. Of course, in IT, there's much more to taxation than just paying your dues to the government. Try out this simple quiz and see if YOU are an IT know-it-all around tax time -- and good luck with those deductions!

>> Check the Buyer's Guide on Notebook Review to find the best tax preparation software for your personal needs.


1. This organization lobbies in Congress on behalf of information technology companies and users in matters related to tax laws and enforcement, along with the protection of copyrights, patents and privacy in communication. What is it?
Answer

2. This program is a cooperative arrangement among state governments in the United States for the collection and payment of retail sales taxes when the seller and the purchaser are located in different tax jurisdictions. What is it?
Answer

3. In the U.S., this term encompasses universal, critical services such as national defense, homeland security, police protection, fire fighting, urban planning, corrections, various social programs and, yes, taxation. What is it?
Answer

4. This practice of exporting of IT-related work from the United States and other developed countries to areas of the world can result in both lower labor costs and tax savings for organizations. What is it?
Answer

5. This open, XML -based standard, designed especially for use by small and medium-sized businesses, is often used in financial transactions, including the tax records preparers need in mid-April every year. What is it?
Answer

6. All hail the pencil pushers! Good luck tracking those receipts down. In accounting, this is the sequence of paperwork that validates or invalidates accounting entries. What is it?
Answer

7. Is a telecommuter's income taxable by the state of the organization he or she works for or in the state where the work is actually done?
Answer

8. How does the depreciation of capital assets, such as security hardware and software, benefit an organization around tax time?
Answer

9. Can VoIP and IP telephony be taxed, according to the FCC?
Answer

10. Are virtual assets in MMPORGS like WoW or in 3-D massive multiplayer universes (MMUs) like Second Life taxable, as of March 2007? (Scroll to the end of the definition for your answer.)
Answer

How'd you do? Do you "speak Geek" around tax time too? Let us know !  

This was last updated in March 2010

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