W9 Form New Jersey 2022 – The W-9 form is an Internal Revenue Service (IRS) tax form that is used to verify an individual’s name, address and taxpayer identification code (TIN) in order to prove work or other income-generating reasons. A confirmation request can be submitted to either the U.S. citizen, or an non-resident alien. Also called the Request for Taxpayer ID Number and Certification Form, the W-9 is available.
What Is Form W-9 Used To Do?
Most often, the W-9 information is used to make Form 1099. The form 1099 contains details about any income that may have been received from the TIN holder but could not be reported on a W-2 form. This includes earnings received as part of a contract, real estate transactions, dividends against investment, and other financial transactions.
Are you an independent contractor or employee?
Employers will withhold income taxes as well as withhold and pay Social Security, Medicare, and unemployment taxes on employees. It won’t if you are an independent contractor. That means you’ll be responsible for the employer’s share of Social Security and Medicare taxes as well as not be eligible for unemployment insurance should you be laid off.
Can I refuse to sign the Form W-9?
Yes. Yes. The business is required from the IRS to get a signed Form W-9 from every person who they pay more than $600 to throughout the year. Infractions to this requirement could result in penalties.
If you believe you know that the person asking for the form isn’t legitimately making the request, but you are hesitant, it’s probably the best option. If you’re worried, you can ask a tax professional about what you can do.
The Bottom Line
The W-9 form can be used by freelancers (also called freelancers). It’s important to fill out the correct form, but only if you’re confident that this is the correct form to be submitted and that your request is legit. W9 Form New Jersey 2022