Another Name For W9 Form

Another Name For W9 Form – If the contractor is not exempt from backup withholding, the business must withhold income tax from their contractor's pay at a rate of 28 percent and send it directly to. If you are an independent contractor, you must report your name, provide your social security number, and verify whether you are exempt from backup withholding taxes. The request for the taxpayer identification number and the certification form is another name assigned to the w9 form. But because you're not sending it to the irs, you need to be careful about who exactly you send it to.

[2] it requests the name, address, and taxpayer identification information of a taxpayer (in the form of a social security number or employer. Form w9 is an irs form a vendor submits with a taxpayer identification number (tin) and contact information to businesses that pay them. The form requires an individual to provide their name, address, tax qualification, and withholding requirements. This form serves as a guideline and gives the employer the information needed to fill out a form 1099 at the end of the year.

(for a sole proprietor or disregarded entity, enter the owner's name on line 1, and enter the business/disregarded. Three main sections can be viewed in the w9 form with the following components. Tax system and are used at different stages of the payment and reporting process.

What is a tax form W9? Explore its purpose and when it is used in our guide Blog