Current Printable W 9 Form – The W-9 form is an Internal Revenue Service (IRS) tax form that is used to confirm an individual’s name, address as well as taxpayer identification number (TIN) for employment or other income-generating purposes. The confirmation is available for either an individual defined as an U.S. citizen or a person defined as a resident alien. Also known as the Request for Taxpayer Identification Number and Certificate form, a W-9 form is available for request.
What exactly is Form W-9 used to do?
The data gathered from a W-9 form is most frequently used to create an equivalent of Form 1099. The 1099 form includes information about income received by the TIN holder, that is not typically listed on the W-2. This includes earnings received as part of a contractor real estate transactions, dividends paid against investments, as well as other financial transactions.
Independent Contractor or Employee?
Employers are required to withhold income tax and withhold and pay Social Security, Medicare, and unemployment taxes to employees. If you’re an independent contractor, it will not. That means your employer will pay Social Security and Medicare taxes. If you are laid off, you will not be eligible for unemployment compensation.
Can I refuse to sign the Form W-9?
Sure. Yes. The IRS is obligated to businesses to obtain an official form W-9 from every person who has paid at least $600 in the year. The IRS could impose fines on you in the event of not complying.
Refusing to sign the form is not a good idea if you feel that the person asking for the form has no right doing this. If you’re worried, you can ask the tax expert what you should do.
The Bottom Line
Forms for W-9 can be utilized by independent contractors (also known as freelancers). It is crucial to fill out the form correctly, however, only if you have the right form to fill out and the request has been approved. Current Printable W 9 Form