W9 Form Printable Utah

W9 Form Printable UtahA Internal Revenue Service tax form called a W-9 can be used to verify a person’s name and address. A confirmation form can be requested for either an U.S. citizen, or an foreign resident. The W-9 form is called a Request for Taxpayer Identification Number and the Certification form.

What’s Form W-9 Useful For?

The information gathered on the W-9 form is often used to create a version of Form 1099. A 1099 form includes information about any income that may be received by the TIN owner that wouldn’t normally be recorded on the W-2 form. This can include, but is not limited to, income given to an individual in connection with an agreement or other real estate transaction; dividends paid against an investment, and other financial transactions.

Are you an employee or an independent contractor?

If you’re an employee, your employer will withhold income taxes, withhold and pay Social Security and Medicare taxes as well as pay unemployment taxes on your wages. If you’re an independent contractor it won’t. That means your employer pays Social Security and Medicare taxes. If you’re laid off, you won’t be eligible for unemployment compensation.

Can I refuse to sign the Form W-9?

Yes. If you refuse in response to a legitimate request your client will withhold taxes from your pay at a rate of 24%.10 The accounting department might also consider you a hassle and advise the person you spoke to to not continue business with you. Businesses are under a strict obligation from the IRS to collect a completed Form W-9 from anyone that they pay over $600 for during the calendar year. You may be subject to fines in the event of not complying.

If you think the person requesting the form isn’t legitimately soliciting it, even, refusal is probably an ideal choice. If you’re worried, ask an accountant what you should do.

The Bottom Line

Forms W-9 are used for independent contractors, also called freelancers. It’s important to fill out the form correctly–but only if you’re confident that this is the correct form to submit and the request is legit. W9 Form Printable Utah