W9 Form Missouri 2022

W9 Form Missouri 2022A Internal Revenue Service tax form known as a W-9 is used to confirm the address and name of the person. A confirmation request can be submitted for either a U.S. citizen, or an non-resident alien. Also known as the Request for Taxpayer Identification Number and Certification Form, the W-9 is available for request.

W9 Form 2022 W 9 Forms Zrivo

What’s the purpose of Form W-9? For?

The information obtained on the form W-9 is often used to create a version of Form 1099. The 1099 form provides information regarding any earnings that might have been received by the TIN owner that wouldn’t normally be recorded on a W-2 form. This includes income received as part of a deal, certain real property transactions, dividends from investments, and various other financial transactions.

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 and also pay unemployment tax on your earnings. If you’re an independent contractor it won’t. This means that your employer pays Social Security and Medicare taxes. If you’re laid off, you won’t be eligible to receive unemployment compensation.

Can I refuse to fill out Form W-9?

Yes. If you do not respond to a legitimate request your client will withhold taxes from your earnings at the rate of 24%.10 The department that handles accounting could also consider you a hassle and advise your contact not to conduct business with you again. The business is required to the IRS to collect a completed Form W-9 from anyone who they pay more than $600 to during the year. The IRS could impose fines on you if you fail to comply.

Refusing to complete the form is a good idea if you feel that the person asking for the form has no right making the request. If you’re worried, ask an expert tax advisor what you should do.

The Bottom Line

Forms W-9 are used for independent contractors, also known as freelancers. It’s essential to complete the correct form, but only if you’re certain it’s the proper form to fill out and that the form is legitimate. W9 Form Missouri 2022