W9 Form Printable Hawaii

W9 Form Printable HawaiiA W-9 form is an Internal Revenue Service (IRS) tax form that is used to verify the identity of a person’s address, name and taxpayer identification number (TIN) in order to prove employment or other income-generating purposes. A confirmation request can be made for either a U.S. citizen, or an foreign resident. A W-9 form can also be known as A Request for Taxpayer Identification Number and Certification form.

What is Form W-9 used To Do?

Most often, the W-9 data is used to make Form 1099. The 1099 form contains information about income received from the TIN owner, that isn’t typically reported on the W-2. This could include income earned as part of a deal, certain real property transactions, dividends on investments, and other financial transactions.

Independent Contractor or Employee?

If you’re an employee, your employer will withhold tax on income and withhold Social Security and Medicare taxes and also pay unemployment tax on your wages. If you’re an independent contractor it won’t. That means your employer pays Social Security and Medicare taxes. If you’re dismissed, you won’t be eligible to receive unemployment benefits.

Do I have to fill out Form W-9?

Yes. If you refuse in response to an legitimate request, the client can withhold taxes from your paycheck at the rate of 24%.10 The accounting department could also find you a pain and tell your contact not to conduct business with you again. The business is required to the IRS to obtain a completed Form W-9 from every person that they pay over $600 to in the course of the year. The failure to comply could be a cause for fines.

Refusing to fill out the form is a sensible option if you believe that the person asking for the form has no right making the request. If you’re concerned, ask an accountant what you should do.

The Bottom Line

Forms W-9 are used for independent contractors, also known as freelancers. It is essential to fill out the form in a timely manner, but only if you’re certain it’s the proper application form and that the form is legitimate. W9 Form Printable Hawaii