W9 Form South Carolina 2022 – A W-9 form is an Internal Revenue Service (IRS) tax form which is used to confirm the identity of a person’s address, name and taxpayer identification number (TIN) for jobs or other reasons that generate income. This confirmation can be requested from an individual identified as an U.S. citizen or a person who is a resident alien. Also called the Request for Taxpayer Identification Number and Certification form, a W-9 form is available.
What Is Form W-9 Used To Do?
The information gathered on a W-9 form is most frequently used to create an equivalent of Form 1099. Form 1099 provides information about the amount of income that is earned from the TIN owner, which is not usually listed on the W-2. This includes income received as part of a deal, certain real estate transactions, dividends against investments, and other financial transactions.
Are you an independent contractor or employee?
Employers withhold taxes on income and also withhold Social Security, Medicare, and unemployment taxes to employees. You won’t have to pay if you’re an independent contractor. You’ll be responsible for the employer’s portion of Social Security and Medicare taxes but you won’t be eligible for unemployment insurance if you are laid off.
Can I refuse to fill out the Form W-9?
Absolutely. Yes. Companies are required from the IRS to request a completed form W-9 from everyone they pay more than $600 to in the course of the year. Infractions to this requirement could result in penalties.
Refusing to fill out the form is a wise choice if the requester has no business making the request. Talk to a tax expert if you have questions.
The Bottom Line
Forms for W-9 can be utilized by freelancers (also called freelancers). It is essential to fill out the form in a timely manner, but only if you have the correct form to submit and the request is granted. W9 Form South Carolina 2022