W9 Form Printable Iowa – A Internal Revenue Service tax form called a W-9 can be used to confirm the name and address of an individual. This confirmation can be requested by a person who is defined as a U.S. citizen or a person who is a resident in the United States or as an alien. A W-9 form can also be known as a Request for Taxpayer Identification Number and Certification form.
What Is Form W-9 Used for?
Most of the time, the W-9 information is used to create Form 1099. The 1099 form provides information about any income that may have been received by the TIN holder , which is not typically listed on a W-2 form. This includes, but is not limited to, earnings received by a person as part of an agreement as well as certain real estate transactions as well as dividends received from an investment; and other financial transactions.
Employee or Independent Contractor?
If you’re an employee, your employer will withhold taxes on your income, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on your wages. This isn’t the case if you’re an independent contractor. That means the employer will be responsible for Social Security and Medicare taxes. If you are dismissed, you won’t be eligible to receive unemployment benefits.
Can I refuse to sign Form W-9?
Absolutely. Yes. Businesses have a heavy obligation from the IRS to obtain a completed Form W-9 from every person they pay more than $600 for during the calendar year. You may be subject to fines if you fail to comply.
If you believe that the person who requested the form isn’t legitimately making the request, but, refusal is probably an ideal choice. Contact a tax professional should you have questions.
The Bottom Line
W-9 forms can be used by independent contractors (also known as freelancers). It is essential to fill out the form correctly, but only when you’re certain it’s the proper application form and that the demand is genuine. W9 Form Printable Iowa