W9 Form Printable Idaho – A Internal Revenue Service tax form called a W-9 is used to confirm the name and address of an individual. A confirmation request can be made for either a U.S. citizen, or an non-resident alien. A W-9 form can also be known as a Request for Taxpayer Identification Number and Certificate form.
What exactly is Form W-9 used to do?
The information gathered on W-9 forms is frequently used to create the Form 1099. A 1099 form includes information about any income that may have been received by the TIN owner that wouldn’t normally be recorded on a W-2 form. This could include, but is not limited to, earnings received by a person in connection with a contract as well as certain real estate transactions and dividends earned against an investment; and various other financial transactions.
Independent Contractor or Employee?
Employers are required to withhold income tax as well as withhold and pay Social Security, Medicare, and unemployment taxes to employees. You won’t have to pay if you’re an independent contractor. That means your employer is responsible for Social Security and Medicare taxes. If you’re laid off, then you won’t be eligible to receive unemployment compensation.
Can I refuse to complete Form W-9?
Yes. If you refuse in response to a legitimate request the client can withhold taxes from your paycheck at the rate of 24%.10 The accounting department might be able to see you as a nuisance and inform your contact to not conduct business with you again. Businesses have a heavy obligation to the IRS to request a completed form W-9 from everyone who they pay more than $600 for during the calendar year. You could face fines in the event of not complying.
If you think you know that the person asking for the form isn’t legitimately soliciting it, even you are hesitant, it’s probably a good idea. Talk to a tax expert if you have questions.
The Bottom Line
Forms for W-9 can be utilized by independent contractors (also called freelancers). It is vital to complete the form correctly, however, only if it’s the right form to be submitted and the request has been granted. W9 Form Printable Idaho