IRS 2022 W9 Form Printable Version – For tax reasons in the United States, a company can collect relevant personal data about an independent contractor (IC) or freelancer through the W-9 or Request for Taxpayer Identification Number and Certification form.
Information including the IC’s name, residence, social security number (SSN), and more are requested on the form. The information is used to create a 1099-NEC. Employers must use the W-9 Form to collect information about contractors for income tax purposes. If you verified them and updated this form with the most recent data, you collected accurate personal details.
Who Requests a W-9 Form ?
The W-9 Form must be obtained from you by the person or company who is paying you. The requester is not required to submit the W-9 to the IRS. This individual maintains the form on file and uses the data to generate other returns, including 1099 and 1098 Forms, as well as to determine whether federal tax withholding is required on the payments you receive.
When to ask for a W-9 Form?
For conducting business with independent contractors and freelancers, Form W-9 is necessary. If your company pays small businesses or independent contractors more than $600 per for work that has been completed, you must obtain a W-9.
The payment of Social Security and Medicare taxes by your business is not required, nor is the withholding of income taxes from payments made to independent contractors. The IRS wants to know who you are paying so they can adequately pursue collection. Use your W-9s to report how much you paid each contractor at the end of the year to keep them safely kept.
When a person or business pays another person or business, the IRS frequently uses Form W-9 to collect the relevant data. Working for a company as an independent contractor is one of the most frequent scenarios. When you start working as a freelancer or contractor for a company, you might be required to fill out a W-9 and give it to the company that will be paying you.