W9 Form New Hampshire 2022 – A W-9 form is an Internal Revenue Service (IRS) tax form that is used to confirm an individual’s name, address and taxpayer identification code (TIN) for employment or other income-generating purposes. The confirmation is available for an individual who is identified as a U.S. citizen or a person who is a resident in the United States or as an alien. The form W-9 is also called a Request for Taxpayer Identification Number and the Certification form.
What’s the purpose of Form W-9? to do?
The information gathered on the form W-9 is 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 the W-2. This includes, but is not limited to, earnings received by a person through an agreement as well as certain real estate transactions and dividends earned against an investment; and other financial transactions.
Are you an employee or an independent contractor?
Employers will withhold income taxes and also withhold Social Security, Medicare, and unemployment taxes to employees. If you’re an independent contractor it won’t. This means that the employer will be responsible for Social Security and Medicare taxes. If you are laid off, then you won’t be eligible for unemployment benefits.
Can I refuse to sign Form W-9?
Certain. If you refuse in response to an legitimate request, your client could withhold taxes from your pay at 24%. 24%.10 The department that handles accounting could also find you a pain and tell the person you spoke to to not do further business with you. The IRS has a strict obligation to companies to request the W-9 form completed from each person who pays $600 or more during the year. If they fail to do so, it could result in penalties.
If you feel that the person requesting the form doesn’t have a legitimate reason for having it, however it is possible to refuse, then refusing is a good idea. Contact a tax professional should there are any questions.
The Bottom Line
Forms W-9 are used for independent contractors, also called freelancers. It’s important to fill out the correct form, but only if you’re sure it’s the right form to fill out and that the application is legitimate. W9 Form New Hampshire 2022