wrote in message
...
On Thu, 22 Feb 2007 00:11:19 +0000 (UTC), (Rich
Greenberg) wrote:
Actually there is no reason whatsoever to change any of the marked
prices of individual items. Where the rounding will take place is at
the checkout, where the prices are added up, sales tax applied, and then
that total is rounded up or down IF you are paying cash. If you are
writing a check or using plastic, the total in odd cents goes in and
then shows up on your statement.
I suspect that the Feds will quickly tell banks to NOT cut checks for other
that multiples of $.05.
I do have some D.R.I.P.s that carry the number of shares to 5 decimal
points. BUT they always round to the $.01 when the dividend is calculated.
That's the number that's reported to the I.R.S.
Just because there are no longer any pennies in circulation doesn't
restrict anyone from paying an amount not an even 5 cent multiple unless
you are paying cash. Then its rounded.
[Do your worst. Flame shield in place.] :-)
--
Great point. We have been buying gas priced to the 1/10h of a cent for
the best part of a century and there are not any "mil" coins.
Un huh. But the transaction is rounded UP to the nearest $.01.
Likewise when you buy ONE of something that's 3/$1.00 it's rounded UP.
When the government mandates that bank accounts be rounded, that calculation
may well used "standard rules the 1,2 rounding down and 3,4 rounding up.