W9 Form Wisconsin 2022 – A W-9 form is an Internal Revenue Service (IRS) tax form which is used to confirm a person’s name, address as well as taxpayer identification number (TIN) in order to prove work or other income-generating reasons. A confirmation request can be submitted to either the U.S. citizen, or an non-resident alien. A W-9 form can also be known as A Request for Taxpayer Identification Number and Certificate form.
What does Form W-9 serve to do?
The data gathered from the W-9 form is often used to create a version of Form 1099. The 1099 form provides information regarding any income that could have been received by the TIN holder that is not typically listed on the W-2 form. This can include, but not restricted to, income given to an individual in connection with an agreement as well as certain real estate transactions as well as dividends received from an investment, and other financial transactions.
Independent Contractor or Employee?
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 earnings. This isn’t the case if you’re an independent contractor. It means that you’ll have to pay for the employer’s share of Social Security and Medicare taxes however you will not be eligible for unemployment benefits if you are laid off.
Can I refuse to fill out Form W-9?
Yes. Yes. The IRS has a mandatory obligation for businesses to collect an official form W-9 from every person who has paid more than $600 per year. Infractions to this requirement could result in fines.
If you believe you know that the person asking for the form isn’t legitimately making the request, but you are hesitant, it’s probably an excellent idea. Talk to a tax expert if you have any concerns.
The Bottom Line
W-9 forms are designed for independent contractors, also known as freelancers. It’s important to fill out the form in a timely manner, but only if you’re certain that it’s the correct form to fill out and that the form is legitimate. W9 Form Wisconsin 2022