W9 Form Printable Pennsylvania

W9 Form Printable PennsylvaniaAn Internal Revenue Service tax form called a W-9 can be used to confirm a person’s name and address. The confirmation can be requested for either an individual defined as an U.S. citizen or a one who is considered to be a resident of another country. The W-9 form is called an Application for Taxpayer Identification Number and certification form.

What’s Form W-9 Useful To Do?

The W-9 information is used to make Form 1099. The 1099 form contains information about income received by the TIN holder that isn’t typically reported on a W-2. This could include, but is not limited to, earnings given to an individual as part of the terms of a contract; certain real estate transactions and dividends earned against an investment, and other financial transactions.

Employee or Independent Contractor?

Employers can withhold tax on income and also withhold and pay Social Security, Medicare, and unemployment taxes on employees. However, this won’t be the case if your are an independent contractor. This means that the employer will be responsible for Social Security and Medicare taxes. If you’re laid off, you will not be eligible to receive unemployment benefits.

Can I choose not to fill out Form W-9?

Certain. If you do not respond to an legitimate request your client may withhold tax from your paycheck at a rate of 24%.10 The department that handles accounting could also find you a pain and notify the person you spoke to to not conduct business with you again. The IRS is obligated to businesses to obtain the W-9 form completed from any person they pay more than $600 per year. If they fail to do so, it could result in penalties.

Refusing to complete the form is a wise choice if the person who requested the form is not legally entitled to doing this. Ask a tax professional if you have any questions.

The Bottom Line

W-9 forms are for independent contractors, also called freelancers. It is crucial to fill out the form in a timely manner, but only if it is the correct form to submit and the request has been approved. W9 Form Printable Pennsylvania