W9 Form Printable Ohio – A W-9 is an Internal Revenue Service (IRS) tax form which is used to verify the identity of a person’s address, name and taxpayer identification code (TIN) to be used for jobs or other reasons that generate income. This confirmation can be requested for an individual who is identified as an U.S. citizen or a person defined as a resident alien. Also known as the Request for Taxpayer ID Number and Certificate form, the W-9 form is available for request.
What’s Form W-9 Useful For?
The information provided on the form W-9 is commonly used to make an alternative version of Form 1099. The 1099 form contains information about the amount of income that is earned by the TIN holder, which isn’t usually reported on the W-2. This could include, but is not limited to, earnings that a person receives in connection with a contract or other real estate transaction as well as dividends received from an investment; and various other financial transactions.
Independent Contractor or Employee?
Employers will withhold income taxes as well as withhold and pay Social Security, Medicare, and unemployment taxes to employees. If you’re an independent contractor it isn’t. This means that your employer will pay Social Security and Medicare taxes. If you are dismissed, you won’t be eligible for unemployment compensation.
Can I refuse to fill out Form W-9?
Yes. If you decline to respond to an legitimate request, your client will withhold taxes from your pay at an amount of 24%.10 The department that handles accounting might consider you to be a hassle and tell the person you spoke to to not engage in further business with you. The business is required to the IRS to collect a completed form W-9 from everyone that they pay over $600 to throughout the year. If they fail to do so, it could result in fines.
Refusing to fill out the form is a sensible option if you believe that the person asking for the form has no right signing it. If you’re concerned, ask an expert tax advisor for advice on what to do.
The Bottom Line
W-9 forms are for freelancers, also known as freelancers. It’s important to fill out the form correctly–but only if you’re confident that this is the correct form to submit and the demand is genuine. W9 Form Printable Ohio