W9 Employee Form Printable – The W-9 form is an Internal Revenue Service (IRS) tax form that is used to verify the identity of a person’s address, name and taxpayer identification code (TIN) in order to prove employment or other income-generating purposes. A confirmation request can be submitted for either a U.S. citizen, or an non-resident alien. Also known as the Request for Taxpayer Identification Number and Certificate Form, the W-9 is available.
What’s the purpose of Form W-9? To Do?
Most of the time, the W-9 data is used to create Form 1099. The form 1099 contains details regarding any earnings that might be received by the TIN holder , which could not be reported on the W-2 form. This can include, but is not restricted to, income paid to a person as part of a contract or other real estate transaction as well as dividends received from an investment; and various other financial transactions.
Are you an independent contractor or employee?
If you’re an employee, your employer will withhold taxes on your income, withhold and pay Social Security and Medicare taxes as well as pay unemployment taxes on your wages. You won’t have to pay if you’re an independent contractor. It means that you’ll have to pay for the employer’s share of Social Security and Medicare taxes however you will not be eligible for unemployment compensation should you be laid off.
Can I refuse to fill out the Form W-9?
Yes. Yes. The IRS has a strict requirement to businesses to obtain a completed form W-9 from any person they pay more than $600 during the year. Failure to comply can result in penalties.
Refusing to complete the form is a wise choice if the requester isn’t qualified for doing this. If you’re worried, ask the tax expert for advice on what to do.
The Bottom Line
Forms W-9 are used for independent contractors, also called freelancers. It is important to complete the correct form, but only if you have the right form to fill out and the request has been approved. W9 Employee Form Printable