79-3676. Same; computation of tax by sellers.
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/ks/chapter-79/79-3676A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
79-3676. Same; computation of tax by sellers.
(a)When the seller is computing the amount of tax owed by the purchaser and remitted to the state:
(1)Tax computation must be carried to the third decimal place; and
(2)the tax must be rounded to a whole cent using a method that rounds up to the next cent whenever the third decimal place is greater than four.
(b)Sellers may elect to compute the tax due on a transaction on an item or an invoice basis. The rounding rule may be applied to the aggregated state and local taxes.