W9 Form Printable Indiana – A W-9 form is an Internal Revenue Service (IRS) tax form which is used to confirm an individual’s name, address as well as taxpayer identification number (TIN) to verify employment or other income-generating purposes. This confirmation can be requested for an individual who is identified as a U.S. citizen or a person who is a resident in the United States or as an alien. The W-9 form is known as the Request for Taxpayer Identification Number and Certificate form.
What’s the purpose of Form W-9? for?
The majority of the time, the W-9 data is used to make Form 1099. The form 1099 contains details regarding any income that could have been earned by the TIN holder that could not be reported on a W-2 form. This includes, but is not limited to, earnings received by a person in connection with a contract; certain real estate transactions and dividends earned against an investment; and other financial transactions.
Are you an independent contractor or employee?
If you’re an employee, your employer is required to withhold income tax and withhold Social Security and Medicare taxes as well as pay unemployment taxes on your wages. However, this won’t be the case if your are an independent contractor. This means that your employer will pay Social Security and Medicare taxes. If you’re laid off, you won’t be eligible for unemployment compensation.
Can I choose not to fill out Form W-9?
Yes. Yes. Businesses are under a strict obligation from the IRS to get a signed Form W-9 from any person they pay $600 or more to in the course of the year. You could face fines in the event of not complying.
Refusing to fill out the form is a good idea if you feel the requester has no business doing so. If you’re concerned, ask a tax professional to tell you what you need to do.
The Bottom Line
W-9 forms are designed for independent contractors, also known as freelancers. It’s crucial to fill in the form in a timely manner, but only if you’re certain it’s the proper form to submit and the application is legitimate. W9 Form Printable Indiana