W9 Form Virginia 2022 – An Internal Revenue Service tax form known as a W-9 is used to verify a person’s name and address. It is possible to request confirmation for either an individual defined as a U.S. citizen or a resident of another country. A W-9 form can also be known as the Request for Taxpayer Identification Number and the Certification form.
What’s Form W-9 Useful To Do?
The W-9 data is used to make Form 1099. The 1099 form includes information about the amount of income that is earned by the TIN holder that is not typically listed on the W-2. This can include, but is not limited to, income that a person receives under a contract or other real estate transaction as well as dividends received from an investment; and other financial transactions.
Are you an employee or an independent contractor?
Employers can withhold tax on income and withhold and pay Social Security, Medicare, and unemployment taxes to employees. If you’re an independent contractor it isn’t. That means the employer will be responsible for Social Security and Medicare taxes. If you are dismissed, you won’t be eligible to receive unemployment compensation.
Do I have to fill out Form W-9?
Yes. Yes. The IRS has a strict obligation to businesses to obtain W-9 forms that are completed from every person who has paid $600 or more during the year. There could be fines if you don’t comply.
Refusing to sign the form is not a sensible option if you believe the requester has no business signing it. Consult a tax professional if you have questions.
The Bottom Line
Forms for W-9 can be utilized by independent contractors (also known as freelancers). It’s crucial to fill in the form correctly–but only if you’re certain that it’s the correct application form and that the application is legitimate. W9 Form Virginia 2022