W9 Forms 2020 Printables

The title of Form W-9 is formally Request for Taxpayer Identification Number and Certification. Companies utilize this form to acquire the Taxpayer Identification Number (TIN) from licensed contractors, suppliers, and freelancers. The form furthermore delivers other personally recognizing details like your name and address.

The form acts as an arrangement through which you, as a licensed contractor or freelancer, are accountable for keeping taxes from your earnings. Your company keeps some of your earnings to cover federal earnings taxes and FICA taxes (which consist of Medicare and Social Security taxes) when you’re a full-time worker. Business do not make through which withholding for licensed contractors.

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W9 Forms 2020 Printables

W9 Forms 2020 Printables

Contrary to what they do for their employees, businesses deal with independent contractors differently. Their revenue taxes are not withheld, and contractors are entitled to pay for their Social Security taxes or Medicare. These responsibilities aren’t the employer’s responsibility. Whatever the case, the IRS needs to know the exact amount these contractors pocketed, to ensure they pay the taxes they deserve to. The 1099-MISC is a vital resource here. It’s used to gather this information. So businesses need not send anything to the IRS, not even the Form W-9

When is it best to Fill Out Form W-9.

The unexpected arriving of a Form W-9 form for filling should be taken care of very seriously by an independent contractor. Form W-9 is sometimes also used by financial institutions in cases when they need to source information from a customer, to report dividends or interest.

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Next, in the case that the service provider asking for your Form W-9 is your employer and identifies you as an employee instead of an independent contractor, then there’s a reason to worry. The difference is considerable.

Download W9 Forms 2020 Printables

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