W9 Form Printable Rhode Island – A Internal Revenue Service tax form known as a W-9, is used to verify the identity of a person’s address and name. A confirmation form can be requested for either an U.S. citizen, or an citizen of another country. The form W-9 is also called a Request for Taxpayer Identification Number and certification form.
What’s the purpose of Form W-9? to do?
The information gathered on W-9 forms is frequently used to create an equivalent of Form 1099. The form 1099 contains details regarding any income that could be received from the TIN holder but could not be reported on a W-2 form. This can include, but is not limited to, income received by a person under the terms of a contract or other real estate transaction and dividends earned against an investment; as well as other financial transactions.
Independent Contractor or Employee?
If you’re an employee your employer will withhold tax on income, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on your earnings. If you’re an independent contractor, it isn’t. This means that your employer pays Social Security and Medicare taxes. If you’re dismissed, you won’t be eligible for unemployment benefits.
Can I choose not to fill out Form W-9?
Sure. Yes. Businesses have a heavy obligation from the IRS to get a signed Form W-9 from any person who they pay more than $600 to in the course of the year. There could be fines if you don’t comply.
Refusing to complete the form is a best option if the requester has no business making the request. If you’re concerned, ask the tax expert to tell you what you need to do.
The Bottom Line
Forms for W-9 can be utilized by independent contractors (also known as freelancers). It is essential to fill out the form correctly, but only when you’re certain that it’s the correct form to fill out and that the form is legitimate. W9 Form Printable Rhode Island