W9 Free Printable Form – A W-9 form is an Internal Revenue Service (IRS) tax form which is used to verify an individual’s name, address and taxpayer identification number (TIN) to verify work or other income-generating reasons. A confirmation form can be requested for either a U.S. citizen, or an non-resident alien. Also known as the Request for Taxpayer ID Number and Certificate form, a W-9 form is available for request.
What’s the purpose of Form W-9? for?
Most often, the W-9 data is used to make Form 1099. The 1099 form includes information regarding income earned by the TIN holder, which isn’t usually reported on a W-2. This can include, but not restricted to, income that a person receives through the terms of a contract or other real estate transaction and dividends earned against an investment; and various other financial transactions.
Are you an independent contractor or employee?
If you’re an employee your employer will withhold tax on income, withhold and pay Social Security and Medicare taxes and will also collect unemployment tax on your wages. If you’re an independent contractor, it will not. It means that you’ll have to pay for the employer’s share of Social Security and Medicare taxes but you won’t be eligible for unemployment benefits when you’re laid off.
Can I refuse to sign Form W-9?
Certain. Yes. Companies are required to the IRS to collect a completed Form W-9 from any person that they pay over $600 to throughout the year. You could face fines if you fail to comply.
If you feel that the person who requested the form has no business asking for it, though refusing is likely to be a good idea. Contact a tax professional should you have any questions.
The Bottom Line
W-9 forms are for freelancers, also known as freelancers. It’s crucial to fill in the form in a timely manner, but only if you’re sure it’s the right form to submit and the application is legitimate. W9 Free Printable Form