W9 Form Printable Wyoming – An Internal Revenue Service tax form known as a W-9 is used to confirm the identity of a person’s address and name. This confirmation can be requested for an individual who is identified as an U.S. citizen or a person who is a resident alien. Also called the Request for Taxpayer Identification Number and Certificate form, a form called a W-9 is available.
What’s the purpose of Form W-9? for?
Most of the time, the W-9 data is used to make Form 1099. The form 1099 contains details regarding the income earned from the TIN holder which isn’t usually reported on a W-2. This could include, but is not restricted to, income that a person receives under an agreement as well as certain real estate transactions as well as dividends received from an investment; and 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 and will also collect unemployment tax on your earnings. If you’re an independent contractor, it isn’t. It means that you’ll have to pay for the employer’s portion of Social Security and Medicare taxes however you will not be eligible for unemployment insurance when you’re laid off.
Do I have to sign Form W-9?
Certain. Yes. Businesses have a heavy obligation to the IRS to get a signed form W-9 from everyone who they pay more than $600 to in the course of the year. If they fail to do so, it could result in fines.
Refusing to complete the form is a wise choice if the person who requested the form is not legally entitled to making the request. Consult a tax professional if there are any questions.
The Bottom Line
W-9 forms are for independent contractors, also called freelancers. It is important to complete the form correctly, however, only if it is the correct form for submission and the request has been approved. W9 Form Printable Wyoming