W9 Form Louisiana 2022 – A W-9 form is an Internal Revenue Service (IRS) tax form which is used to confirm the identity of a person’s address, name and taxpayer identification code (TIN) for jobs or other reasons that generate income. A confirmation form can be requested for either an U.S. citizen, or an citizen of another country. A W-9 form is also known as an Application for Taxpayer Identification Number and certification form.
What’s the purpose of Form W-9? For?
Most often, the W-9 data is used to create Form 1099. The form 1099 contains details about the amount of income that is earned from the TIN owner, which isn’t usually reported on the W-2. This includes income received as part of a contract, real estate transactions, dividends against investment, and other financial transactions.
Employee or Independent Contractor?
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. If you’re an independent contractor it will not. This means that your employer pays Social Security and Medicare taxes. If you’re laid off, you will not be eligible to receive unemployment compensation.
Can I refuse to complete Form W-9?
Yes. Yes. The IRS has a strict requirement for companies to obtain the W-9 form completed from any person they pay at least $600 in the year. You could face fines for not complying with.
Refusing to fill out the form is a wise choice if the person who requested the form is not legally entitled to making the request. Ask a tax professional if there are any questions.
The Bottom Line
W-9 forms are designed for freelancers, also known as freelancers. It’s important to fill out the correct form, but only if you’re confident that this is the correct form to fill out and that the form is legitimate. W9 Form Louisiana 2022