W9 Form Printable Kentucky

W9 Form Printable KentuckyAn 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 for either an individual defined as a U.S. citizen or a resident alien. The form W-9 is also called the Request for Taxpayer Identification Number and certification form.

Blank 2020 W 9 Form Printable Example Calendar Printable

What is Form W-9 used for?

Most often, the W-9 information is used to create Form 1099. The form 1099 contains details regarding any income that could have been received by the TIN holder , which would not normally be listed on a W-2 form. This includes income received as part of a deal, certain real property transactions, dividends on investments, and other financial transactions.

Independent Contractor or Employee?

Employers withhold taxes on income and also withhold and pay Social Security, Medicare, and unemployment taxes on employees. You won’t have to pay if you’re an independent contractor. This means that your employer will pay Social Security and Medicare taxes. If you’re dismissed, you won’t be eligible to receive unemployment compensation.

Do I have to sign Form W-9?

Absolutely. If you don’t respond to an legitimate request, the client can withhold taxes from your pay at 24%. 24%.10 The accounting department could consider you to be a hassle and notify the person you spoke to to not engage in further business with you. The IRS has a strict requirement for companies to obtain W-9 forms that are completed from anyone who pays at least $600 in the year. Infractions to this requirement could be a cause for fines.

Refusing to sign the form is not a wise choice if the requester has no business doing so. Consult a tax professional if you have questions.

The Bottom Line

Forms W-9 are used for independent contractors, sometimes referred to as freelancers. It’s crucial to fill in the correct form, but only if you’re sure it’s the right form to submit and the demand is genuine. W9 Form Printable Kentucky

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