if pennies are discontinued how do we pay are taxes for instance 7% sales tax = nickle+2 pennies if pennies diacontinued do we just have to pay nickle
2006-07-08 16:32:42 · 6 answers · asked by Book of Changes 3 in Business & Finance ➔ Other - Business & Finance
all transaction will be in either 5 or 0 so to answer your question if it is 7 they will round up to 10
2006-07-08 16:37:24 · answer #1 · answered by ML 5 · 2⤊ 0⤋
From what I've heard of the governments plan, all payments would be rounded up to the next nickle. for instance if there was a 7% tax and you made a $3 purchase your total purchase would be rounded up to $3.25 if you paid with cash. However, if you used a credit card only $3.21 + 25% interest / yr would be charged to your card. Its a way to encourage people to use less secure methods of payment, and be better able to track you and your spending habits. Just depends on how much you want the rest of the world to know about your spending habits. FYI - if you sign up for any discount card at your local grocer or pharmacy, that's also there to track your spending habits.
2006-07-08 17:21:33 · answer #2 · answered by j. 1 · 0⤊ 0⤋
The new pennies are bio-degradable.
HEY, where the heck have you been. We've been rounding to the nearest DOLLAR on our Income tax already.
2006-07-08 16:36:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
That's a good question - I don't know. They may continue to make pennies - they just might make it out of some other metal than copper.
2006-07-08 16:36:17 · answer #4 · answered by Tygirljojo 4 · 0⤊ 0⤋
They should just discontinue all cash and have everyone pay electronically or with cards.
2006-07-08 16:47:36 · answer #5 · answered by zaradulce02 5 · 0⤊ 0⤋
Any amount would be rounded up, or down, e.g.,
seven cents would be rounded up to 10 cents, 4 cents would be rounded down to an even amount, 10.04 becoming 10.00, and so on......It does balance out overall........ :-)
2006-07-08 16:39:55 · answer #6 · answered by fiddlefix 3 · 0⤊ 0⤋