W9 Form Idaho 2022

W9 Form Idaho 2022A W-9 form can be described as an Internal Revenue Service (IRS) tax form which is used to confirm an individual’s name, address as well as taxpayer identification number (TIN) in order to prove jobs or other reasons that generate income. A confirmation request can be made to either an U.S. citizen, or an non-resident alien. A W-9 form can also be known as a Request for Taxpayer Identification Number and the Certification form.

What is Form W-9 used To Do?

The information obtained on the W-9 form is commonly used to make an alternative version of Form 1099. The 1099 form contains information regarding income earned from the TIN holder which isn’t usually reported on the W-2. This can include earnings that are part of a deal, certain real property transactions, dividends on investments, and various other financial transactions.

Independent Contractor or Employee?

Employers can withhold tax on income and also withhold Social Security, Medicare, and unemployment taxes to employees. You won’t have to pay if you’re an independent contractor. That means you’ll be responsible for the employer’s portion of Social Security and Medicare taxes as well as not be eligible for unemployment compensation should you be laid off.

Can I refuse to fill out Form W-9

Absolutely. Yes. The IRS has a strict requirement for companies to obtain a completed form W-9 from any person they pay more than $600 during the year. Failure to comply can be a cause for fines.

Refusing to fill out the form is a wise choice if the requester isn’t qualified for making the request. Consult a tax professional if you have any questions.

The Bottom Line

Forms for W-9 can be utilized by independent contractors (also called freelancers). It’s crucial to fill in the form in a timely manner, but only if you’re sure it’s the right form to be submitted and that your form is legitimate. W9 Form Idaho 2022