W9 Form Printable Alabama – A W-9 form is an Internal Revenue Service (IRS) tax form which is used to confirm the name, address and taxpayer identification number (TIN) to be used for work or other income-generating reasons. The confirmation is available by a person who is defined as a U.S. citizen or a person who is a resident or an alien. A W-9 form can also be called a Request for Taxpayer Identification Number and Certificate form.
What’s the purpose of Form W-9? to do?
The majority of the time, the W-9 information is used to create Form 1099. A 1099 form includes information about any income that may have been earned from the TIN holder but wouldn’t normally be recorded on a W-2 form. This can include, but not limited to, income that a person receives in connection with an agreement; certain real estate transactions as well as dividends received from an investment; as well as other financial transactions.
Are you an independent contractor or employee?
If you’re an employee, your employer will withhold income taxes as well as withhold and pay Social Security and Medicare taxes and also pay unemployment tax on your wages. However, this won’t be the case if your are an independent contractor. That means your employer will pay Social Security and Medicare taxes. If you’re laid off, you won’t be eligible to receive unemployment compensation.
Can I refuse to sign the Form W-9?
Yes. If you do not respond to a legitimate request your client may withhold tax from your wages at the rate of 24%.10 The accounting department could be able to see you as a nuisance and advise the person you spoke to to not conduct business with you again. The IRS has a strict requirement to companies to request a completed form W-9 from anyone who pays more than $600 per year. The failure to comply could be a cause for penalties.
If you feel that the person requesting the form has no business soliciting it, even, refusal is probably a good idea. If you’re concerned, talk to a tax professional about what you can do.
The Bottom Line
Forms for W-9 can be utilized by freelancers (also called freelancers). It’s crucial to fill in the form correctly, but only when you’re certain it’s the proper form to fill out and that the demand is genuine. W9 Form Printable Alabama