- Location
- Chapel Hill, NC
- Occupation
- Retired Electrical Contractor
All the suppliers around here offer a 2% discount if you pay your bill by the 10th of the month. No problem I always take advantage of that because it adds up to quite a bit at the end of the year.
All but one supplier deducts the tax and then multiplies by 2% to give us the deduction.
I am curious if others have this and whether or not the deductions are done in the following manner.
CES City Electric Supply) however does it incorrectly, IMO and I told them but they don't care. They said to just pay 98% of the bill.
So $1000 bill (for simplicity) x .98= $980 may bill from CES
However,
If we take the tax out we have 1000/1.08 = 925.93 Total without tax
1000-925.93 = 74.07 Tax amount
Now take the 2% reduction925.93 * .02= 907.41
Add 907.41+ 74.07 = 981.48
For every $1000 I should be paying $1.48 more -- This has got to add up to a lot of money if all the locations are doing the deduction as I described.
If you use City Electric Supply is that what they do where you live.
All but one supplier deducts the tax and then multiplies by 2% to give us the deduction.
I am curious if others have this and whether or not the deductions are done in the following manner.
CES City Electric Supply) however does it incorrectly, IMO and I told them but they don't care. They said to just pay 98% of the bill.
So $1000 bill (for simplicity) x .98= $980 may bill from CES
However,
If we take the tax out we have 1000/1.08 = 925.93 Total without tax
1000-925.93 = 74.07 Tax amount
Now take the 2% reduction925.93 * .02= 907.41
Add 907.41+ 74.07 = 981.48
For every $1000 I should be paying $1.48 more -- This has got to add up to a lot of money if all the locations are doing the deduction as I described.
If you use City Electric Supply is that what they do where you live.