W9 Form Printable Texas – An Internal Revenue Service tax form called a W-9 can be used to confirm the name and address of an individual. The confirmation is available for an individual who is identified as a U.S. citizen or a resident or an alien. Also called the Request for Taxpayer ID Number and Certificate form, a form called a W-9 is available.
What Is Form W-9 Used For?
Most of the time, the W-9 data is used to make Form 1099. The form 1099 contains details about the amount of income that is earned from the TIN owner, that isn’t typically reported on the W-2. This includes, but is not limited to income received by a person as part of a contract and certain real estate transactions or dividends on an investment, and other financial transactions.
Are you an employee or an independent contractor?
If you’re an employee, your employer will withhold tax on income, withhold and pay Social Security and Medicare taxes as well as pay unemployment taxes on your wages. However, this won’t be the case if your are an independent contractor. This means that you’ll be accountable for the employer’s share of Social Security and Medicare taxes, and that you won’t be eligible for unemployment insurance in the event of being laid off.
Do I have to fill out the Form W-9?
Yes. Yes. The IRS has a strict requirement to companies to request a completed form W-9 from any person they pay at least $600 in the year. Failure to comply can be a cause for penalties.
If you believe the person requesting the form doesn’t have a legitimate reason for having it, however, refusal is probably an ideal choice. If you’re worried, you can ask the tax expert to tell you what you need to do.
The Bottom Line
W-9 forms are meant for freelancers, also known as freelancers. It’s crucial to fill in the form in a timely manner, but only if you’re certain that it’s the correct form to fill out and that the request is legit. W9 Form Printable Texas