W9 Form Ohio 2022 – A W-9 form can be described as an Internal Revenue Service (IRS) tax form which is used to confirm an individual’s name, address and taxpayer identification number (TIN) for jobs or other reasons that generate income. The confirmation is available by a person who is defined as an U.S. citizen or a one who is considered to be a resident in the United States or as an alien. Also called the Request for Taxpayer Identification Number and Certification form, a form called a W-9 can be requested.
What’s Form W-9 Useful To Do?
The information gathered on W-9 forms is often used to create an alternative version of Form 1099. The form 1099 contains details regarding income earned from the TIN holder which isn’t usually reported on the W-2. This could include, but is not limited to, earnings that a person receives in connection with an agreement and certain real estate transactions or dividends on an investment; and various other financial transactions.
Are you an independent contractor or employee?
Employers can withhold tax on income and withhold and pay Social Security, Medicare, and unemployment taxes to employees. You won’t have to pay if you’re an independent contractor. You’ll be responsible for the employer’s portion of Social Security and Medicare taxes as well as not be eligible for unemployment insurance in the event of being laid off.
Can I refuse to sign Form W-9
Yes. Yes. Businesses have a heavy obligation to the IRS to obtain a completed Form W-9 from any person they pay more than $600 to throughout the year. The IRS could impose fines on you if you fail to comply.
Refusing to sign the form is a good idea if you feel that the person asking for the form has no right doing this. If you’re worried, ask an accountant to tell you what you need to do.
The Bottom Line
W-9 forms can be used by independent contractors (also known as freelancers). It is essential to fill out the form correctly–but only if you’re confident that this is the correct form to be submitted and that your request is legit. W9 Form Ohio 2022