My wages were $1076.90...do I put in $1077
please help
2007-08-25 19:04:04 · 5 answers · asked by Elaine R 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
yes, you round up when the cents are .50 or higher, and round down when .49 and lower, and don't do anything if the cents are .00
2007-08-27 18:04:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The IRS will round that number to $1,076 while their instructions tell you that you can use normal rounding which would be $1,077. In addition you have the issue of rounding all the numbers in a set or just the sum. I have found that any method is acceptable as long as you do it the same way all o the time. Almost of my audits come out a dollar or two off what the IRS comes up with because of rounding and they accept my answer.
2007-08-26 11:27:18 · answer #2 · answered by ? 6 · 0⤊ 0⤋
You can either use cents, or round to nearest dollar. Either way, you have to be consistent.
Most accountants use rounding, but I think this just makes the math more likely to come out right, and saves time.
2007-08-26 04:53:17 · answer #3 · answered by heart_and_troll 5 · 0⤊ 0⤋
You don't have to use the whole dollar method when doing your taxes, but the IRS will anyway.
2007-08-26 10:22:48 · answer #4 · answered by Mark S 5 · 0⤊ 0⤋
Yes, that's right.
2007-08-26 02:28:20 · answer #5 · answered by Katherine W 7 · 0⤊ 0⤋