W9 Form Nevada 2022 – A Internal Revenue Service tax form known as a W-9, is used to confirm the name and address of an individual. It is possible to request confirmation by a person who is defined as a U.S. citizen or a one who is considered to be a resident or an alien. A W-9 form is also called the Request for Taxpayer Identification Number and Certificate form.
What Is Form W-9 Used for?
The information obtained on a W-9 form is most frequently used to create the Form 1099. The 1099 form contains information about income received by the TIN holder, that isn’t typically reported on a W-2. This could include, but is not limited to, income given to an individual through an agreement as well as certain real estate transactions and dividends earned against an investment; and other financial transactions.
Are you an independent contractor or employee?
If you’re an employee, your employer will withhold tax on income, withhold and pay Social Security and Medicare taxes as well as pay unemployment taxes on your wages. If you’re an independent contractor, it will not. It means that you’ll have to pay for the employer’s portion of Social Security and Medicare taxes but you won’t be eligible for unemployment benefits should you be laid off.
Do I have to fill out Form W-9?
Yes. If you don’t respond to a legitimate request, the client can withhold taxes from your wages at a rate of 24%.10 The department that handles accounting might also consider you a hassle and notify your contact to not continue business with you. Companies are required to the IRS to get a signed Form W-9 from every person they pay more than $600 to during the year. The IRS could impose fines on you if you fail to comply.
If you think the person who requested the form isn’t legitimately having it, however, refusal is probably an excellent idea. Contact a tax professional should there are any questions.
The Bottom Line
The W-9 form can be used by freelancers (also called freelancers). It is vital to complete the correct form, but only if it is the correct form for submission and the request has been approved. W9 Form Nevada 2022