W9 Form Printable New Mexico – An Internal Revenue Service tax form called a W-9 is used to confirm the name and address of an individual. The confirmation is available for an individual who is identified as an U.S. citizen or a resident or an alien. Also known as the Request for Taxpayer Identification Number and Certificate form, a form called a W-9 is available for request.
What is Form W-9 used for?
The W-9 information is used to make Form 1099. A 1099 form contains information on any income that might have been received by the TIN owner that wouldn’t normally be recorded on a W-2 form. This can include earnings that are part of a contract, certain real property transactions, dividends on investments, and other financial transactions.
Are you an independent contractor or employee?
Employers will withhold income taxes and also withhold Social Security, Medicare, and unemployment taxes on employees. If you’re an independent contractor, it isn’t. It means that you’ll have to pay for the employer’s portion of Social Security and Medicare taxes but you won’t be eligible for unemployment benefits when you’re laid off.
Can I refuse to fill out Form W-9
Yes. Yes. The IRS has a strict obligation to businesses to obtain a completed form W-9 from each person who pays more than $600 during the year. If they fail to do so, it could result in penalties.
If you believe that you know that the person asking for the form isn’t legitimately making the request, but it is possible to refuse, then refusing is a good idea. Ask a tax professional if you have any concerns.
The Bottom Line
The W-9 form can be used by freelancers (also known as freelancers). It is crucial to fill out the form correctly, however, only if it is the right form to fill out and the request has been granted. W9 Form Printable New Mexico