W9 Form Alaska 2022 – An Internal Revenue Service tax form called a W-9 is used to verify the identity of a person’s address and name. A confirmation form can be requested to either an U.S. citizen, or an citizen of another country. Also known as the Request for Taxpayer ID Number and Certification form, a W-9 form can be requested.
What’s the purpose of Form W-9? for?
The majority of the time, the W-9 data is used to create Form 1099. A 1099 form includes information on any income that might have been received by the TIN holder , which is not typically listed on a W-2 form. This includes, but is not restricted to, income that a person receives as part of a contract; certain real estate transactions; dividends paid against an investment; and other financial transactions.
Are you an independent contractor or employee?
If you’re an employee, your employer is required to withhold income tax and withhold Social Security and Medicare taxes, and pay unemployment tax on your earnings. 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 but you won’t be eligible for unemployment insurance should you be laid off.
Can I refuse to complete the Form W-9?
Yes. Yes. The IRS is obligated to businesses to obtain the W-9 form completed from each person who pays more than $600 per year. There could be fines if you fail to comply.
Refusing to complete the form is a sensible option if you believe the person who requested the form is not legally entitled to signing it. Talk to a tax expert if there are any questions.
The Bottom Line
Forms W-9 are used for independent contractors, also known as freelancers. It is important to complete the correct form, but only if it is the correct form for submission and the request is granted. W9 Form Alaska 2022