W9 Form West Virginia 2022 – A W-9 form can be described as an Internal Revenue Service (IRS) tax form which is used to verify an individual’s name, address and taxpayer identification code (TIN) to verify reasons of employment or for other income-generating activities. A confirmation request can be submitted to either the U.S. citizen, or an foreign resident. The form W-9 is also called A Request for Taxpayer Identification Number and the Certification form.
What’s Form W-9 Useful To Do?
Most often, the W-9 information is used to make Form 1099. Form 1099 provides information about income received by the TIN holder which is not usually listed on the W-2. This includes income received as part of a contract, real estate transactions, dividends paid against investments, and various other financial transactions.
Are you an independent contractor or employee?
Employers will withhold income taxes as well as withhold and pay Social Security, Medicare, and unemployment taxes on employees. This isn’t the case if you’re an independent contractor. That means your employer pays Social Security and Medicare taxes. If you’re laid off, you won’t be eligible to receive unemployment benefits.
Can I refuse to complete Form W-9
Yes. Yes. The business is required to the IRS to obtain a completed form W-9 from everyone they pay $600 or more to in the course of the year. The failure to comply could result in fines.
If you believe the person who is requesting the form isn’t legitimately having it, however it is possible to refuse, then refusing is an ideal choice. Consult a tax professional if there are any questions.
The Bottom Line
W-9 forms can be used by freelancers (also called freelancers). It’s crucial to fill in the correct form, but only if you’re sure it’s the right form to submit and the form is legitimate. W9 Form West Virginia 2022