W9 Form Printable Tennessee – An Internal Revenue Service tax form called a W-9 is used to verify the identity of a person’s address and name. The confirmation can be requested by a person who is defined as an U.S. citizen or a person who is a resident alien. Also known as the Request for Taxpayer Identification Number and Certification form, a W-9 form is available.
What is Form W-9 used To Do?
The information provided on W-9 forms is often used to produce an alternative version of Form 1099. A 1099 form contains information regarding any earnings that might be received by the TIN holder that could not be reported on a W-2 form. This can include earnings that are part of a contract, certain real property transactions, dividends on investments, and various other financial transactions.
Are you an independent contractor or employee?
If you’re an employee your employer will withhold taxes on your income and withhold Social Security and Medicare taxes as well as pay unemployment taxes on your wages. If you’re an independent contractor it isn’t. It means that you’ll have to pay for the employer’s share of Social Security and Medicare taxes however you will not be eligible for unemployment insurance in the event of being laid off.
Can I refuse to fill out Form W-9?
Yes. Yes. Businesses have a heavy obligation from the IRS to collect a completed Form W-9 from every person that they pay over $600 for during the calendar year. There could be fines if you fail to comply.
Refusing to complete the form is a wise choice if the requester has no business making the request. Talk to a tax expert if you have any concerns.
The Bottom Line
W-9 forms are designed for freelancers, also known as freelancers. It’s important to fill out the correct form, but only if you’re certain that it’s the correct form to be submitted and that your demand is genuine. W9 Form Printable Tennessee