W9 Form Oklahoma 2022 – The W-9 form is an Internal Revenue Service (IRS) tax form used to confirm the name, address, and taxpayer identification number (TIN) to be used for jobs or other reasons that generate income. A confirmation request is made for either the U.S. citizen, or an foreign resident. Also known as the Request for Taxpayer Identification Number and Certificate form, the W-9 form can be requested.
What exactly is Form W-9 used for?
Most of the time, the W-9 information is used to make Form 1099. The form 1099 contains details regarding income earned by the TIN holder which isn’t usually reported on a W-2. This could include income earned as part of a contract, certain real property transactions, dividends from investments, and other financial transactions.
Are you an independent contractor or employee?
Employers are required to withhold income tax and also withhold Social Security, Medicare, and unemployment taxes on employees. However, this won’t be the case if your are an independent contractor. That means you’ll be responsible for the employer’s share of Social Security and Medicare taxes, and that you won’t receive unemployment compensation in the event of being laid off.
Can I refuse to sign Form W-9
Yes. If you don’t respond to a legitimate request, your client could withhold taxes from your paycheck at a rate of 24%.10 The accounting department might consider you to be a hassle and inform your contact not to conduct business with you again. The IRS is obligated to companies to request the W-9 form completed from each person who pays more than $600 per year. You may be subject to fines if you fail to comply.
Refusing to sign the form is not a good idea if you feel the requester isn’t qualified for doing this. If you’re concerned, ask the tax expert about what you can do.
The Bottom Line
W-9 forms are meant for independent contractors, also known as freelancers. It is vital to complete the form correctly, but only if it is the correct form to submit and the request is granted. W9 Form Oklahoma 2022