W9 Form Printable New Jersey – A Internal Revenue Service tax form called a W-9 is used to verify the address and name of the person. A confirmation request can be submitted for either an U.S. citizen, or an non-resident alien. A W-9 form is also called an Application for Taxpayer Identification Number and certification form.
What Is Form W-9 Used For?
Most often, the W-9 information is used to make Form 1099. The 1099 form contains information regarding income earned from the TIN holder that isn’t typically reported on a W-2. This includes earnings received as part of a deal, certain real property transactions, dividends on investments, and various other financial transactions.
Employee or Independent Contractor?
If you’re an employee your employer will withhold income taxes and withhold Social Security and Medicare taxes and also pay unemployment tax on your earnings. This isn’t the case if you’re an independent contractor. This means that the employer will be responsible for Social Security and Medicare taxes. If you are laid off, you will not be eligible for unemployment compensation.
Can I refuse to sign Form W-9
Yes. If you don’t respond to an legitimate request the client can withhold taxes from your earnings at an amount of 24%.10 The accounting department might also consider you a hassle and notify your contact not to do further business with you. The IRS has a strict obligation to businesses to obtain W-9 forms that are completed from any person they pay more than $600 per year. You may be subject to fines in the event of not complying.
If you think you know that the person asking for the form has no business asking for it, though you are hesitant, it’s probably a good idea. Ask a tax professional if there are any questions.
The Bottom Line
W-9 forms are used by freelancers (also called freelancers). It is essential to fill out the form correctly, however, only if it is the right form to be submitted and the request is granted. W9 Form Printable New Jersey