W9 Form Printable Washington – A W-9 form is an Internal Revenue Service (IRS) tax form used to confirm an individual’s name, address, and taxpayer identification number (TIN) to verify employment or other income-generating purposes. The confirmation is available for an individual who is identified as a U.S. citizen or a one who is considered to be a resident alien. A W-9 form is also called an Application for Taxpayer Identification Number and Certification form.
What does Form W-9 serve to do?
The information provided on the form W-9 is often used to create an equivalent of Form 1099. Form 1099 provides information about the amount of income that is earned from the TIN holder that isn’t typically reported on the W-2. This includes, but is not restricted to, income given to an individual under the terms of a contract as well as certain real estate transactions as well as dividends received from 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 and also pay unemployment tax on your wages. If you’re an independent contractor, it won’t. This means that you’ll be accountable for the employer’s share of Social Security and Medicare taxes as well as not be eligible for unemployment benefits should you be laid off.
Can I refuse to sign the Form W-9?
Yes. Yes. The IRS is obligated to businesses to obtain an official form W-9 from any person they pay $600 or more during the year. You may be subject to fines if you fail to comply.
Refusing to complete the form is a good idea if you feel the requester isn’t qualified for doing this. Consult a tax professional if you have any questions.
The Bottom Line
W-9 forms are used by freelancers (also called freelancers). It is vital to complete the correct form, but only if it is the correct form to submit and the request has been approved. W9 Form Printable Washington