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<p>[QUOTE="-jeffB, post: 2155396, member: 27832"]If my purchase is $10, 7.75% tax will be 77.5 cents, which will be rounded up to 78 cents, corresponding to 7.8%.</p><p><br /></p><p>If my purchase is $9.99 (much more common), 7.75% sales tax will be 77.4225 cents, which will be rounded <b>down</b> to 77 cents, corresponding to 7.7%.</p><p><br /></p><p>Apparently there was a time when at least some states prescribed rounding up for all totals, rather than rounding to the nearest cent. I don't know whether that's still the case. Here's a document from 2002 that discusses the issue, in the context of "streamlined sales tax" rules for e-commerce:</p><p><br /></p><p><a href="http://www.streamlinedsalestax.org/uploads/downloads/IP%20Issue%20Papers/IP02007%20Rounding%20Rule.pdf" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.streamlinedsalestax.org/uploads/downloads/IP%20Issue%20Papers/IP02007%20Rounding%20Rule.pdf" rel="nofollow">http://www.streamlinedsalestax.org/uploads/downloads/IP Issue Papers/IP02007 Rounding Rule.pdf</a></p><p><br /></p><p>I see that Maryland and Ohio, as well as some other states, prescribed rounding up to the next cent on purchases. That does strike me as a bit of a racket. It's not that way in my state.[/QUOTE]</p><p><br /></p>
[QUOTE="-jeffB, post: 2155396, member: 27832"]If my purchase is $10, 7.75% tax will be 77.5 cents, which will be rounded up to 78 cents, corresponding to 7.8%. If my purchase is $9.99 (much more common), 7.75% sales tax will be 77.4225 cents, which will be rounded [B]down[/B] to 77 cents, corresponding to 7.7%. Apparently there was a time when at least some states prescribed rounding up for all totals, rather than rounding to the nearest cent. I don't know whether that's still the case. Here's a document from 2002 that discusses the issue, in the context of "streamlined sales tax" rules for e-commerce: [url]http://www.streamlinedsalestax.org/uploads/downloads/IP%20Issue%20Papers/IP02007%20Rounding%20Rule.pdf[/url] I see that Maryland and Ohio, as well as some other states, prescribed rounding up to the next cent on purchases. That does strike me as a bit of a racket. It's not that way in my state.[/QUOTE]
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