W9 Form Pennsylvania2022 – An Internal Revenue Service tax form called a W-9 can be used to verify the identity of a person’s address and name. A confirmation request can be made for either a U.S. citizen, or an alien resident. Also known as the Request for Taxpayer ID Number and Certification form, a form called a W-9 is available.
What does Form W-9 serve for?
The information provided on the form W-9 is frequently used to create an equivalent of Form 1099. The 1099 form contains information about income received from the TIN owner, which isn’t usually reported on the W-2. This includes income received as part of a contract, certain real property transactions, dividends on investments, and various other financial transactions.
Independent Contractor or Employee?
If you’re an employee your employer will withhold tax on income as well as withhold and pay Social Security and Medicare taxes, and pay unemployment tax on your earnings. This isn’t the case if you’re an independent contractor. You’ll be responsible for the employer’s portion of Social Security and Medicare taxes but you won’t be eligible for unemployment compensation if you are laid off.
Do I have to fill out Form W-9?
Absolutely. Yes. The IRS has a strict obligation for companies to obtain an official form W-9 from anyone who pays at least $600 in the year. There could be fines if you fail to comply.
Refusing to sign the form is a best option if that the person asking for the form has no right doing this. Ask a tax professional if you have questions.
The Bottom Line
W-9 forms are designed for independent contractors, also known as freelancers. It’s important to fill out the form in a timely manner, but only if you’re confident that this is the correct application form and that the demand is genuine. W9 Form Pennsylvania2022