W9 Form Printable Maine – An Internal Revenue Service tax form known as a W-9 is used to verify the identity of a person’s address and name. A confirmation form can be requested for either an U.S. citizen, or an alien resident. The W-9 form is called the Request for Taxpayer Identification Number and Certificate form.
What is Form W-9 used to do?
The majority of the time, the W-9 data is used to make Form 1099. A 1099 form contains information about any income that may have been earned by the TIN holder , which could not be reported on the W-2 form. This can include earnings that are part of a contract, real property transactions, dividends on investments, and other financial transactions.
Are you an employee or an independent contractor?
Employers withhold taxes on income and withhold and pay Social Security, Medicare, and unemployment taxes on employees. If you’re an independent contractor it won’t. This means that your employer will pay Social Security and Medicare taxes. If you’re laid off, then you won’t be eligible for unemployment compensation.
Do I have to sign the Form W-9?
Yes. If you decline to respond to a legitimate request, your client could withhold taxes from your wages at an amount of 24%.10 The department that handles accounting might consider you to be a hassle and tell your contact to refuse to continue business with you. Businesses have a heavy obligation from the IRS to obtain a completed Form W-9 from any person they pay more than $600 for during the calendar year. The IRS could impose fines on you if you don’t comply.
Refusing to fill out the form is a best option if the requester has no business doing so. If you’re concerned, ask an accountant what you should do.
The Bottom Line
W-9 forms are meant for freelancers, also known as freelancers. It is vital to complete the form in a timely manner, but only if you have the correct form to submit and the request is granted. W9 Form Printable Maine