W9 Form Printable Florida – A W-9 form is an Internal Revenue Service (IRS) tax form used to verify an individual’s name, address as well as taxpayer identification number (TIN) for employment or other income-generating purposes. The confirmation is available for either an individual defined as an U.S. citizen or a one who is considered to be a resident of another country. Also known as the Request for Taxpayer Identification Number and Certificate form, a form called a W-9 is available.
What’s the purpose of Form W-9? for?
The information provided on a W-9 form is most frequently used to create an equivalent of Form 1099. The 1099 form includes information about income received by the TIN holder that isn’t typically reported on a W-2. This can include earnings that are part of a contract, real property transactions, dividends on investments, and various other financial transactions.
Are you an independent contractor or employee?
If you’re an employee your employer will withhold taxes on your income and withhold Social Security and Medicare taxes and also pay unemployment tax on your earnings. If you’re an independent contractor, it won’t. You’ll be responsible for the employer’s portion of Social Security and Medicare taxes, and that you won’t receive unemployment compensation should you be laid off.
Can I refuse to complete the Form W-9?
Yes. If you decline to respond to an legitimate request your client could withhold taxes from your paycheck at a rate of 24%.10 The department that handles accounting may consider you to be a hassle and advise your contact to refuse to do further business with you. The IRS has a strict requirement to businesses to obtain the W-9 form completed from any person they pay $600 or more during the year. You may be subject to fines for not complying with.
If you believe the person who is requesting the form doesn’t have a legitimate reason for soliciting it, even it is possible to refuse, then refusing is an ideal choice. If you’re worried, ask an accountant what you should do.
The Bottom Line
W-9 forms are for independent contractors, also known as freelancers. It’s important to fill out the form correctly, but only when you’re sure it’s the right application form and that the demand is genuine. W9 Form Printable Florida