W9 Form Michigan 2022

W9 Form Michigan 2022A W-9 form is an Internal Revenue Service (IRS) tax form used to verify an individual’s name, address and taxpayer identification number (TIN) for jobs or other reasons that generate income. A confirmation request can be made for either the U.S. citizen, or an alien resident. Also called the Request for Taxpayer Identification Number and Certification form, a W-9 form is available.

W9 Form 2022 Fillable Editable Printable

What exactly is Form W-9 used to do?

The information provided on W-9 forms is commonly used to make a version of Form 1099. A 1099 form includes information on any income that might have been earned by the TIN owner that could not be reported on the W-2 form. This includes income received as part of a contract, real estate transactions, dividends paid against investments, and various other financial transactions.

Employee or Independent Contractor?

Employers can withhold tax on income and also withhold and pay Social Security, Medicare, and unemployment taxes on employees. If you’re an independent contractor it will not. That means your employer pays Social Security and Medicare taxes. If you’re laid off, then you won’t be eligible to receive unemployment compensation.

Can I refuse to sign Form W-9?

Yes. Yes. Businesses have a heavy obligation from the IRS to request a completed Form W-9 from anyone who they pay more than $600 to in the course of the year. You could face fines if you don’t comply.

If you believe the person requesting the form doesn’t have a legitimate reason for making the request, but you are hesitant, it’s probably the best option. If you’re concerned, ask the tax expert about what you can do.

The Bottom Line

Forms for W-9 can be utilized by independent contractors (also called freelancers). It is essential to fill out the form in a timely manner, but only if you have the correct form for submission and the request has been approved. W9 Form Michigan 2022