W9 Form Printable North Carolina – A W-9 is an Internal Revenue Service (IRS) tax form used to verify a person’s name, address and taxpayer identification number (TIN) to be used for reasons of employment or for other income-generating activities. A confirmation request can be made to either a U.S. citizen, or an citizen of another country. Also known as the Request for Taxpayer Identification Number and Certification form, a form called a W-9 can be requested.
What does Form W-9 serve for?
The W-9 data is used to make Form 1099. The 1099 form provides information on any income that might be received by the TIN owner that would not normally be listed on the W-2 form. This includes earnings received as part of a deal, certain real property transactions, dividends from investments, as well as other financial transactions.
Are you an 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 will also collect unemployment tax on your earnings. You won’t have to pay if you’re an independent contractor. You’ll be responsible for the employer’s portion of Social Security and Medicare taxes, and that you won’t receive unemployment compensation if you are laid off.
Can I refuse to fill out Form W-9?
Yes. If you refuse in response to a legitimate request the client can withhold taxes from your pay at a rate of 24%.10 The department that handles accounting may also find you a pain and tell your contact to not do further business with you. The IRS has a strict obligation to companies to request the W-9 form completed from any person they pay $600 or more during the year. There could be fines for not complying with.
If you feel that the person who is requesting the form isn’t legitimately making the request, but you are hesitant, it’s probably the best option. Talk to a tax expert if you have any questions.
The Bottom Line
The W-9 form can be used by freelancers (also called freelancers). It is essential to fill out the correct form, but only if it’s the right form to be submitted and the request has been approved. W9 Form Printable North Carolina