Browse Definitions :
Quiz

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
SearchCompliance
  • OPSEC (operations security)

    OPSEC (operations security) is a security and risk management process and strategy that classifies information, then determines ...

  • smart contract

    A smart contract is a decentralized application that executes business logic in response to events.

  • compliance risk

    Compliance risk is an organization's potential exposure to legal penalties, financial forfeiture and material loss, resulting ...

SearchSecurity
  • email spam

    Email spam, also known as junk email, refers to unsolicited email messages, usually sent in bulk to a large list of recipients.

  • shadow password file

    A shadow password file, also known as /etc/shadow, is a system file in Linux that stores encrypted user passwords and is ...

  • browser hijacker (browser hijacking)

    A browser hijacker is a malware program that modifies web browser settings without the user's permission and redirects the user ...

SearchHealthIT
SearchDisasterRecovery
  • What is risk mitigation?

    Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a business.

  • change control

    Change control is a systematic approach to managing all changes made to a product or system.

  • disaster recovery (DR)

    Disaster recovery (DR) is an organization's ability to respond to and recover from an event that affects business operations.

SearchStorage
  • bare-metal restore

    A bare-metal restore (also referred to as bare-metal recovery or bare-metal backup) is a data recovery and restoration process ...

  • mSATA SSD (mSATA solid-state drive)

    An mSATA SSD is a solid-state drive (SSD) that conforms to the mSATA interface specification developed by the Serial ATA (SATA) ...

  • network-attached storage (NAS)

    Network-attached storage (NAS) is dedicated file storage that enables multiple users and heterogeneous client devices to retrieve...

Close