W9 Form Printable Virginia – A W-9 form can be described as an Internal Revenue Service (IRS) tax form that is used to verify the name, address and taxpayer identification number (TIN) to verify jobs or other reasons that generate income. A confirmation request can be submitted to either an U.S. citizen, or an citizen of another country. Also known as the Request for Taxpayer Identification Number and Certificate Form, the W-9 is available.
What is Form W-9 used For?
Most often, the W-9 information is used to make Form 1099. The 1099 form includes information about the amount of income that is earned by the TIN holder which isn’t usually reported on the W-2. This can include, but not limited to income received by a person under a contract and certain real estate transactions; 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 tax on income and withhold Social Security and Medicare taxes and will also collect unemployment tax on your earnings. However, this won’t be the case if your are an independent contractor. That means your employer is responsible for Social Security and Medicare taxes. If you are laid off, you will not be eligible for unemployment compensation.
Can I choose not to fill out Form W-9?
Yes. If you decline to respond to a legitimate request your client will withhold taxes from your pay at an amount of 24%.10 The department that handles accounting could be able to see you as a nuisance and inform your contact not to conduct business with you again. The IRS has a strict requirement to companies to request a completed form W-9 from anyone who pays at least $600 in the year. There could be fines for not complying with.
Refusing to sign the form is a good idea if you feel the requester has no business doing so. Ask a tax professional if you have any questions.
The Bottom Line
Forms for W-9 can be utilized by freelancers (also known as freelancers). It is crucial to fill out the form in a timely manner, but only if it is the right form to fill out and the request has been granted. W9 Form Printable Virginia