W9 Form Printable Illinois

W9 Form Printable IllinoisA W-9 is an Internal Revenue Service (IRS) tax form that is used to confirm a person’s name, address, and taxpayer identification number (TIN) in order to prove jobs or other reasons that generate income. The confirmation is available by a person who is defined as a U.S. citizen or a person who is a resident of another country. A W-9 form can also be known as the Request for Taxpayer Identification Number and the Certification form.

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What is Form W-9 used for?

The data gathered from a W-9 form is most often used to produce an alternative version of Form 1099. The form 1099 contains details regarding any earnings that might have been received by the TIN holder , which wouldn’t normally be recorded on the W-2 form. This can include, but not limited to income received by a person through an agreement and certain real estate transactions as well as dividends received from an investment; and various other financial transactions.

Are you an employee or an independent contractor?

If you’re an employee, your employer is required to withhold income tax as well as withhold and pay Social Security and Medicare taxes and will also collect unemployment tax on your earnings. However, this won’t be the case if your are an independent contractor. That means the employer will be responsible for Social Security and Medicare taxes. If you’re laid off, you won’t be eligible for unemployment compensation.

Do I have to fill out the Form W-9?

Yes. If you don’t respond to an legitimate request, your client will withhold taxes from your paycheck at an amount of 24%.10 The department that handles accounting might also consider you a hassle and inform your contact to not continue business with you. Companies are required from the IRS to obtain a completed Form W-9 from every person they pay $600 or more to during the year. The failure to comply could be a cause for fines.

If you believe you know that the person asking for the form doesn’t have a legitimate reason for making the request, but it is possible to refuse, then refusing is a good idea. Talk to a tax expert if you have questions.

The Bottom Line

W-9 forms are for freelancers, also known as freelancers. It’s crucial to fill in the form in a timely manner, but only if you’re certain that it’s the correct form to be submitted and that your application is legitimate. W9 Form Printable Illinois

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