W9 Form Printable Oklahoma – A W-9 is an Internal Revenue Service (IRS) tax form used to confirm the name, address, and taxpayer identification number (TIN) for jobs or other reasons that generate income. A confirmation request can be made to either the 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’s Form W-9 Useful For?
The information gathered on a W-9 form is most often used to create a version of Form 1099. The form 1099 contains details about income received from the TIN holder which isn’t usually reported on a W-2. This includes income received as part of a contractor real estate transactions, dividends against investments, as well as other financial transactions.
Employee or Independent Contractor?
Employers can withhold tax on income and also withhold Social Security, Medicare, and unemployment taxes to employees. It won’t if you are an independent contractor. It means that you’ll have to pay for the employer’s portion of Social Security and Medicare taxes as well as not be eligible for unemployment insurance when you’re laid off.
Can I refuse to sign Form W-9?
Sure. Yes. The IRS has a mandatory obligation to companies to request an official form W-9 from anyone who pays at least $600 in the year. You could face fines if you fail to comply.
If you believe that the person who requested the form doesn’t have a legitimate reason for soliciting it, even refusing is likely to be a good idea. If you’re concerned, talk to an accountant about what you can do.
The Bottom Line
W-9 forms are meant for independent contractors, also called freelancers. It’s important to fill out the form correctly, but only when you’re confident that this is the correct form to submit and the request is legit. W9 Form Printable Oklahoma