IRS W9 Tax Form Pdf

IRS W9 Tax Form PdfAn Internal Revenue Service tax form called a W-9 is used to verify the address and name of the person. It is possible to request confirmation from an individual identified as an U.S. citizen or a resident alien. Also called the Request for Taxpayer ID Number and Certificate form, a W-9 form is available.

Printable Form W 9 2021 Calendar Template Printable

What does Form W-9 serve to do?

Most of the time, the W-9 data is used to make Form 1099. A 1099 form contains information regarding any income that could be received by the TIN holder that is not typically listed on the W-2 form. This includes earnings received as part of a contract, certain real property transactions, dividends from investments, as well as other financial transactions.

Independent Contractor or Employee?

Employers can withhold tax on income and also withhold Social Security, Medicare, and unemployment taxes to employees. This isn’t the case if you’re an independent contractor. This means that your employer pays Social Security and Medicare taxes. If you’re dismissed, you won’t be eligible for unemployment benefits.

Can I choose not to fill out the Form W-9?

Sure. If you refuse in response to a legitimate request your client may withhold tax from your pay at a rate of 24%.10 The department that handles accounting might be able to see you as a nuisance and notify your contact to refuse to engage in further business with you. Businesses have a heavy obligation from the IRS to collect a completed form W-9 from everyone that they pay over $600 to throughout the year. You may be subject to fines if you don’t comply.

Refusing to complete the form is a sensible option if you believe the requester has no business doing this. Ask a tax professional if you have any questions.

The Bottom Line

W-9 forms are for independent contractors, also called freelancers. It is essential to fill out the form correctly–but only if you’re sure it’s the right form to be submitted and that your application is legitimate. IRS W9 Tax Form Pdf