W9 Form Printable Maryland – A 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 request can be made for either an U.S. citizen, or an foreign resident. A W-9 form can also be known as an Application for Taxpayer Identification Number and certification form.
What exactly is Form W-9 used for?
The information gathered on the form W-9 is often used to create a version of Form 1099. The 1099 form includes information about the amount of income that is earned from the TIN holder that isn’t typically reported on the W-2. This includes earnings received as part of a contract, certain real property transactions, dividends on investments, and various other financial transactions.
Are you an employee or an independent contractor?
Employers withhold taxes on income as well as withhold and pay Social Security, Medicare, and unemployment taxes to employees. If you’re an independent contractor, it will not. That means your employer is responsible for Social Security and Medicare taxes. If you’re laid off, then you won’t be eligible to receive unemployment compensation.
Can I refuse to fill out the Form W-9?
Yes. Yes. The business is required from the IRS to request a completed form W-9 from everyone they pay more than $600 to in the course of the year. You may be subject to fines if you fail to comply.
Refusing to sign the form is a good idea if you feel the requester isn’t qualified for doing so. Consult a tax professional if you have questions.
The Bottom Line
Forms W-9 are used for independent contractors, also known as freelancers. It is essential to fill out the form correctly, but only when you’re confident that this is the correct form to fill out and that the form is legitimate. W9 Form Printable Maryland