W9 Employee Form 2022

W9 Employee Form 2022An Internal Revenue Service tax form known as a W-9, is used to verify a person’s name and address. The confirmation is available from an individual identified as an U.S. citizen or a resident in the United States or as an alien. The form W-9 is also called a Request for Taxpayer Identification Number and certification form.

W9 Form 2022 Fillable Editable Printable

What’s Form W-9 Useful To Do?

Most of the time, the W-9 data is used to create Form 1099. Form 1099 provides information regarding the income earned by the TIN holder, which is not usually listed on the W-2. This includes earnings received as part of a contract, certain real estate transactions, dividends against investments, and various other financial transactions.

Independent Contractor or Employee?

Employers will withhold income taxes and also withhold Social Security, Medicare, and unemployment taxes to employees. It won’t if you are an independent contractor. This means that your employer is responsible for Social Security and Medicare taxes. If you’re dismissed, you won’t be eligible for unemployment compensation.

Can I refuse to fill out Form W-9

Sure. If you decline to respond to an legitimate request, your client could withhold taxes from your pay at an amount of 24%.10 The accounting department may also find you a pain and advise your contact not to engage in further business with you. Companies are required from the IRS to request a completed form W-9 from everyone they pay more than $600 to in the course of the year. There could be fines for not complying with.

If you believe the person who requested the form is not legitimately having it, however it is possible to refuse, then refusing is the best option. Talk to a tax expert if you have any concerns.

The Bottom Line

The W-9 form can be used by freelancers (also known as freelancers). It is vital to complete the form correctly, however, only if it’s the right form to be submitted and the request has been approved. W9 Employee Form 2022