W9 Form Florida 2022 – The W-9 form is an Internal Revenue Service (IRS) tax form used to confirm an individual’s name, address, and taxpayer identification number (TIN) in order to prove reasons of employment or for other income-generating activities. The confirmation can be requested from an individual identified as an U.S. citizen or a one who is considered to be a resident or an alien. Also called the Request for Taxpayer Identification Number and Certificate form, a form called a W-9 can be requested.
What’s Form W-9 Useful for?
Most of the time, the W-9 data is used to make Form 1099. The 1099 form provides information regarding any earnings that might have been earned by the TIN holder that could not be reported on a W-2 form. This could include income earned as part of a contract, real estate transactions, dividends paid against investment, and other financial transactions.
Independent Contractor or Employee?
Employers can withhold tax on income and also withhold Social Security, Medicare, and unemployment taxes to employees. If you’re an independent contractor it will not. That means you’ll be responsible for the employer’s share of Social Security and Medicare taxes as well as not be eligible for unemployment compensation when you’re laid off.
Can I refuse to fill out Form W-9?
Yes. Yes. Businesses have a heavy obligation to the IRS to get a signed Form W-9 from every person that they pay over $600 to throughout the year. Failure to comply can result in fines.
If you think you know that the person asking for the form is not legitimately soliciting it, even it is possible to refuse, then refusing is the best option. Consult a tax professional if you have any questions.
The Bottom Line
W-9 forms are for freelancers, also known as freelancers. It is essential to fill out the correct form, but only if you’re sure it’s the right application form and that the demand is genuine. W9 Form Florida 2022