Is there a specific PHP function designed for calculating taxes like VAT, and why might it be preferred over using floor() for such calculations?

When calculating taxes like VAT in PHP, it is recommended to use the `round()` function instead of `floor()` to ensure more accurate calculations. `round()` will round the result to the nearest whole number, which is important when dealing with monetary values to avoid under or overestimating the tax amount. 

// Calculate VAT using round() function
$price = 100;
$vatRate = 0.20;
$taxAmount = round($price * $vatRate, 2);
$totalPrice = $price + $taxAmount;

echo "Tax Amount: " . $taxAmount . "<br>";
echo "Total Price: " . $totalPrice;

Keywords

PHP function calculating taxes VAT floor() precision

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