W9 Form Printable Oregon – A Internal Revenue Service tax form called a W-9 is used to confirm a person’s name and address. The confirmation can be requested for an individual who is identified as an U.S. citizen or a person who is a resident of another country. Also known as the Request for Taxpayer Identification Number and Certification form, a form called a W-9 is available.
What Is Form W-9 Used For?
The information obtained on the form W-9 is commonly used to make an equivalent of Form 1099. A 1099 form contains information about any income that may have been received from the TIN holder but would not normally be listed on the W-2 form. This could include, but is not limited to income received by a person as part of a contract; certain real estate transactions; dividends paid against an investment; and various other financial transactions.
Are you an independent contractor or employee?
Employers are required to withhold income tax and also withhold Social Security, Medicare, and unemployment taxes to employees. If you’re an independent contractor, it will not. You’ll be responsible for the employer’s share of Social Security and Medicare taxes however you will not receive unemployment compensation should you be laid off.
Can I refuse to complete Form W-9?
Yes. If you decline to respond to an legitimate request your client could withhold taxes from your earnings at 24%. 24%.10 The department that handles accounting could also consider you a hassle and tell your contact to refuse to engage in further business with you. The IRS has a mandatory obligation to businesses to obtain an official form W-9 from each person who pays $600 or more during the year. If they fail to do so, it could be a cause for penalties.
Refusing to complete the form is a sensible option if you believe the person who requested the form is not legally entitled to signing it. If you’re worried, ask an accountant for advice on what to do.
The Bottom Line
W-9 forms are used by freelancers (also known as freelancers). It is crucial to fill out the correct form, but only if it’s the correct form for submission and the request has been granted. W9 Form Printable Oregon