W9 Form Mississippi 2022 – An Internal Revenue Service tax form known as a W-9, is used to confirm the identity of a person’s address and name. The confirmation can be requested from an individual identified as a U.S. citizen or a resident or an alien. Also called the Request for Taxpayer Identification Number and Certificate form, the W-9 form is available for request.
What does Form W-9 serve to do?
Most of the time, the W-9 data is used to make Form 1099. The 1099 form contains information about income received by the TIN holder, that isn’t typically reported on the W-2. This can include, but is not limited to income that a person receives under an agreement or other real estate transaction and dividends earned against an investment; and various other financial transactions.
Employee or Independent Contractor?
If you’re an employee, your employer will withhold taxes on your income, withhold and pay Social Security and Medicare taxes and will also collect unemployment tax on your wages. If you’re an independent contractor, it isn’t. You’ll be responsible for the employer’s portion of Social Security and Medicare taxes but you won’t be eligible for unemployment insurance when you’re laid off.
Can I refuse to fill out Form W-9?
Sure. Yes. Businesses have a heavy obligation from the IRS to obtain a completed Form W-9 from anyone that they pay over $600 to during the year. You may be subject to fines for not complying with.
Refusing to sign the form is a wise choice if that the person asking for the form has no right doing this. If you’re worried, ask an expert tax advisor what you should do.
The Bottom Line
W-9 forms are for independent contractors, also called freelancers. It’s important to fill out the form correctly, but only when you’re sure it’s the right form to submit and the application is legitimate. W9 Form Mississippi 2022