W9 Form Printable Michigan – An Internal Revenue Service tax form known as a W-9, is used to confirm the address and name of the person. A confirmation form can be requested to either a U.S. citizen, or an alien resident. A W-9 form is also called an Application for Taxpayer Identification Number and certification form.
What is Form W-9 used for?
Most of the time, the W-9 data is used to make Form 1099. The 1099 form provides information regarding any income that could be received by the TIN holder , which is not typically listed on the W-2 form. This could include, but is not restricted to, income given to an individual in connection with an agreement or other real estate transaction and dividends earned against an investment, and other financial transactions.
Employee or Independent Contractor?
Employers can withhold tax 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 laid off, you will not be eligible to receive unemployment compensation.
Can I refuse to sign Form W-9?
Yes. Yes. The IRS is obligated for businesses to collect a completed form W-9 from each person who pays $600 or more during the year. You could face fines in the event of not complying.
Refusing to complete the form is a wise choice if that the person asking for the form has no right doing so. Ask a tax professional if you have questions.
The Bottom Line
W-9 forms are used by freelancers (also known as freelancers). It is important to complete the correct form, but only if it’s the correct form to submit and the request is granted. W9 Form Printable Michigan