W9 Form Printable Nevada – A W-9 form can be described as an Internal Revenue Service (IRS) tax form used to confirm the identity of a person’s address, name and taxpayer identification code (TIN) to verify reasons of employment or for other income-generating activities. The confirmation can be requested for an individual who is identified as a U.S. citizen or a resident alien. A W-9 form can also be known as the Request for Taxpayer Identification Number and Certification form.
What does Form W-9 serve for?
The information obtained on W-9 forms is often used to produce an alternative version of Form 1099. A 1099 form includes information on any income that might be received from the TIN holder but is not typically listed on the W-2 form. This can include earnings that are part of a contractor real property transactions, dividends on investments, as well as other financial transactions.
Independent Contractor or Employee?
If you’re an employee, your employer is required to withhold income tax as well as withhold and pay Social Security and Medicare taxes and also pay unemployment tax on your earnings. This isn’t the case if you’re an independent contractor. That means your employer is responsible for Social Security and Medicare taxes. If you’re laid off, you will not be eligible for unemployment benefits.
Do I have to sign Form W-9
Yes. If you refuse in response to a legitimate request, your client will withhold taxes from your earnings at 24%. 24%.10 The department that handles accounting may be able to see you as a nuisance and advise the person you spoke to to not engage in further business with you. The IRS is obligated to businesses to obtain W-9 forms that are completed from every person who has paid more than $600 during the year. There could be fines for not complying with.
If you believe the person requesting the form doesn’t have a legitimate reason for having it, however, refusal is probably the best option. If you’re worried, ask an accountant for advice on what to do.
The Bottom Line
Forms for W-9 can be utilized by independent contractors (also called freelancers). It is essential to fill out the form in a timely manner, but only if it is the right form to fill out and the request is granted. W9 Form Printable Nevada