W9 Form Oregon 2022

W9 Form Oregon 2022An Internal Revenue Service tax form called a W-9 can be used to verify the address and name of the person. It is possible to request confirmation for either an individual defined as an U.S. citizen or a one who is considered to be a resident or an alien. The W-9 form is called a Request for Taxpayer Identification Number and the Certification form.

What’s Form W-9 Useful for?

Most often, the W-9 data is used to create Form 1099. Form 1099 provides information regarding the income earned by the TIN holder, which isn’t usually reported on a W-2. This could include income earned as part of a contractor real estate transactions, dividends paid against investment, and other financial transactions.

Employee or Independent Contractor?

Employers will withhold income taxes and also withhold Social Security, Medicare, and unemployment taxes on employees. This isn’t the case if you’re an independent contractor. It means that you’ll have to pay for the employer’s share of Social Security and Medicare taxes however you will not be eligible for unemployment benefits when you’re laid off.

Can I refuse to sign the Form W-9?

Yes. Yes. Companies are required from the IRS to request a completed form W-9 from everyone they pay $600 or more to in the course of the year. The IRS could impose fines on you if you fail to comply.

If you believe you know that the person asking for the form is not legitimately asking for it, though you are hesitant, it’s probably an ideal choice. If you’re worried, ask the tax expert for advice on what to do.

The Bottom Line

Forms W-9 are used for independent contractors, also known as freelancers. It is essential to fill out the form correctly, but only when you’re confident that this is the correct form to fill out and that the application is legitimate. W9 Form Oregon 2022