W9 Form New York 2022

W9 Form New York 2022A W-9 form is an Internal Revenue Service (IRS) tax form that is used to confirm a person’s name, address, and taxpayer identification number (TIN) to verify employment or other income-generating purposes. The confirmation is available from an individual identified as an U.S. citizen or a person who is a resident in the United States or as an alien. Also called the Request for Taxpayer ID Number and Certification form, the W-9 form is available.

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What exactly is Form W-9 used for?

The information provided on W-9 forms is commonly used to make the Form 1099. The 1099 form includes information regarding income earned from the TIN owner, that isn’t typically reported on the W-2. This includes, but is not restricted to, income received by a person through a contract as well as certain real estate transactions or dividends on an investment; as well as other financial transactions.

Are you an employee or an independent contractor?

Employers are required to withhold income tax and also withhold Social Security, Medicare, and unemployment taxes on employees. If you’re an independent contractor, it isn’t. This means that you’ll be accountable 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 complete Form W-9

Yes. If you decline to respond to a legitimate request the client can withhold taxes from your pay at the rate of 24%.10 The department that handles accounting might be able to see you as a nuisance and inform your contact to not conduct business with you again. Businesses are under a strict obligation from the IRS to request a completed form W-9 from everyone they pay more than $600 to in the course of the year. The failure to comply could result in fines.

Refusing to sign the form is a wise choice if that the person asking for the form has no right signing it. Consult a tax professional if there are any questions.

The Bottom Line

W-9 forms are used by independent contractors (also known as freelancers). It is vital to complete the correct form, but only if you have the correct form to submit and the request has been granted. W9 Form New York 2022