W9 Form Wyoming 2022

W9 Form Wyoming 2022A Internal Revenue Service tax form called a W-9 is used to confirm the address and name of the person. A confirmation form can be requested to either a U.S. citizen, or an citizen of another country. Also known as the Request for Taxpayer ID Number and Certificate form, the W-9 form is available for request.

W9 Form 2022 Fillable Editable Printable

What is Form W-9 used To Do?

The information obtained on W-9 forms is often used to create a version of Form 1099. The 1099 form contains information regarding the income earned from the TIN owner, that isn’t typically reported on a W-2. This can include, but is not limited to, earnings given to an individual in connection with an agreement or other real estate transaction as well as dividends received from an investment, and other financial transactions.

Employee or Independent Contractor?

If you’re an employee, your employer is required to withhold income tax as well as withhold and pay Social Security and Medicare taxes and also pay unemployment tax on your wages. However, this won’t be the case if your are an independent contractor. This means that your employer is responsible for Social Security and Medicare taxes. If you are laid off, then you won’t be eligible to receive unemployment compensation.

Can I refuse to sign Form W-9?

Yes. Yes. Companies are required to the IRS to collect a completed Form W-9 from anyone they pay $600 or more to throughout the year. Infractions to this requirement could be a cause for fines.

If you think the person requesting the form has no business soliciting it, even it is possible to refuse, then refusing is an excellent idea. If you’re concerned, talk to an expert tax advisor for advice on what to do.

The Bottom Line

Forms for W-9 can be utilized by independent contractors (also called freelancers). It is vital to complete the form correctly, however, only if it’s the right form to fill out and the request is granted. W9 Form Wyoming 2022