W9 Form Printable Arizona – An Internal Revenue Service tax form known as a W-9, is used to confirm a person’s name and address. It is possible to request confirmation 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 is also known as A Request for Taxpayer Identification Number and Certification form.
What does Form W-9 serve to do?
The majority of the time, the W-9 information is used to create Form 1099. The 1099 form contains information about the amount of income that is earned from the TIN holder that is not typically listed on the W-2. This can include earnings that are part of a deal, certain real estate transactions, dividends against investments, as well as other financial transactions.
Are you an independent contractor or employee?
If you’re an employee your employer is required to withhold income tax and withhold Social Security and Medicare taxes and will also collect unemployment tax on your earnings. You won’t have to pay if you’re an independent contractor. This means that you’ll be accountable for the employer’s share of Social Security and Medicare taxes however you will not be eligible for unemployment compensation in the event of being laid off.
Can I refuse to complete the Form W-9?
Yes. If you decline to respond to an legitimate request, the client can withhold taxes from your earnings at the rate of 24%.10 The accounting department may be able to see you as a nuisance and notify your contact to refuse to do further business with you. The IRS has a mandatory obligation to companies to request a completed form W-9 from any person they pay at least $600 in the year. You may be subject to fines if you fail to comply.
If you believe that the person requesting the form is not legitimately having it, however refusing is likely to be an ideal choice. Talk to a tax expert if there are any questions.
The Bottom Line
W-9 forms are meant for freelancers, also known as freelancers. It is important to complete the form correctly, but only if it’s the correct form for submission and the request has been granted. W9 Form Printable Arizona