W9 Form Arizona 2022

W9 Form Arizona 2022The W-9 form is an Internal Revenue Service (IRS) tax form that is used to confirm the name, address and taxpayer identification number (TIN) for employment or other income-generating purposes. It is possible to request confirmation for an individual who is identified as an U.S. citizen or a person who is a resident or an alien. Also called the Request for Taxpayer ID Number and Certificate Form, the W-9 is available for request.

W9 Form 2022 Fillable Editable Printable

What does Form W-9 serve to do?

The data gathered from a W-9 form is most often used to produce an alternative version of Form 1099. A 1099 form contains information regarding any income that could have been received by the TIN holder , which could not be reported on a W-2 form. This can include, but is not limited to, earnings given to an individual under a contract as well as certain real estate transactions and dividends earned against an investment, and other financial transactions.

Are you an independent contractor or employee?

If you’re an employee your employer will withhold income taxes as well as withhold and pay Social Security and Medicare taxes as well as pay unemployment taxes on your earnings. It won’t if you are an independent contractor. This means that your employer will pay Social Security and Medicare taxes. If you are laid off, you will not be eligible for unemployment benefits.

Can I refuse to sign Form W-9?

Absolutely. If you decline to respond to a legitimate request your client may withhold tax from your earnings at an amount of 24%.10 The department that handles accounting could also find you a pain and advise your contact to refuse to conduct business with you again. Businesses are under a strict obligation from the IRS to get a signed form W-9 from everyone that they pay over $600 to throughout the year. Infractions to this requirement could result in fines.

If you believe that the person who requested the form isn’t legitimately having it, however you are hesitant, it’s probably an ideal choice. Contact a tax professional should you have any questions.

The Bottom Line

W-9 forms are meant for independent contractors, also known as freelancers. It’s crucial to fill in the form correctly–but only if you’re sure it’s the right form to submit and the application is legitimate. W9 Form Arizona 2022