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Why is my sales tax calcuation incorrect?

I have sold goods for six days and the sales tax for each day is plus or minus a few cents each day incorrectly.

 

example- net sales 2168.99

tax calculation via software-162.69

tax should be 162.67?

 

rate is 7.5

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Square unfortunatly, calculates sales tax as  "bankers rounding" 

In other words, if the total cost is 299.954, Square rounds it to 299.95 instead of 299.96. This usually results in you being that few cents shy of the sales tax you should have collected. but it actually seems like your ontop. so i kudo that for you. But either way, you have to round that number to something inorder to collect the funds. so when your at the end of the week and calculate total sales tax on gross goods vs what was collected. it will be different.

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Thank you.

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Super Seller

just to add one more thing, sales tax is calculated per transaction so you can't just take a lump sum to get your total as each individual transaction is calculated at the time of the sale.  so you could have 20 transactions and 10 will round up and 10 round down.

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