W9 Form Maine 2022

W9 Form Maine 2022A W-9 is an Internal Revenue Service (IRS) tax form that is used to verify the name, address as well as taxpayer identification number (TIN) for reasons of employment or for other income-generating activities. This confirmation can be requested for an individual who is identified as a U.S. citizen or a resident alien. The form W-9 is also called a Request for Taxpayer Identification Number and Certification form.

W9 Form 2022 Fillable Editable Printable

What’s the purpose of Form W-9? to do?

The information gathered on a W-9 form is most often used to create an alternative version of Form 1099. The 1099 form contains information about the amount of income that is earned by the TIN holder that is not typically listed on a W-2. This includes earnings received as part of a contractor real estate transactions, dividends against investments, and various 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 wages. If you’re an independent contractor it won’t. You’ll be responsible for the employer’s portion of Social Security and Medicare taxes as well as not receive unemployment compensation in the event of being laid off.

Do I have to sign Form W-9?

Yes. If you refuse in response to a legitimate request, your client will withhold taxes from your pay at the rate of 24%.10 The accounting department may also consider you a hassle and advise your contact to refuse to continue business with you. The IRS has a mandatory obligation for companies to obtain W-9 forms that are completed from anyone who pays at least $600 in the year. You may be subject to fines for not complying with.

If you think the person who requested the form has no business asking for it, though refusing is likely to be an excellent idea. If you’re worried, you can ask a tax professional what you should do.

The Bottom Line

W-9 forms are for independent contractors, sometimes referred to as freelancers. It is essential to fill out the form correctly, however, only if it’s the correct form for submission and the request is granted. W9 Form Maine 2022