W9 Form Printable Georgia – A W-9 form can be described as an Internal Revenue Service (IRS) tax form that is used to confirm the identity of a person’s address, name as well as taxpayer identification number (TIN) to verify work or other income-generating reasons. It is possible to request confirmation for an individual who is identified as an U.S. citizen or a one who is considered to be a resident alien. Also known as the Request for Taxpayer ID Number and Certificate Form, the W-9 is available.
What does Form W-9 serve for?
Most often, the W-9 information is used to create Form 1099. A 1099 form contains information on any income that might have been received by the TIN holder , which could not be reported on the W-2 form. This includes earnings received as part of a contract, real property transactions, dividends from investment, and other financial transactions.
Employee or Independent Contractor?
Employers can withhold tax on income and also withhold and pay Social Security, Medicare, and unemployment taxes to employees. If you’re an independent contractor it won’t. This means that the employer will be responsible for Social Security and Medicare taxes. If you are laid off, you will not be eligible for unemployment compensation.
Can I refuse to sign the Form W-9?
Absolutely. Yes. The IRS has a mandatory obligation for businesses to collect the W-9 form completed from any person they pay more than $600 during the year. You could face fines in the event of not complying.
If you believe that the person requesting the form doesn’t have a legitimate reason for asking for it, though it is possible to refuse, then refusing is the best option. If you’re worried, ask the tax expert for advice on what to do.
The Bottom Line
The W-9 form can be used by independent contractors (also called freelancers). It is essential to fill out the correct form, but only if it’s the right form to fill out and the request has been granted. W9 Form Printable Georgia