W 9 form definition
Main determination is quite simple — W-9 is a tax form completed by self-employed person who get above 600 usd annually for ratepayer ID number for third party report purposes. In case employer doesn’t provide TIN (Taxpayer Identification Number), freelancer has to face backup withholding.
How this process is done?
W 9 form definition evaluates that blank is never sent to the IRS directly, but vendor needs to inform the service about independent contractor earnings and provide TIN. Wage is verified with 1099-Miscellaneous Income or other substitute. So W9 blank — is download ready document that used to make IRS wage report.
Once having certified TIN, individual receives access to such procedures.
Stating TIN, one can report Social Security number (SSN) or taxpayer identification number of the person receiving the in-payment. The W-9 is a blank that obliges this submitter to confirm that TIN provided is correct and that person is not liable with reinforcement withholding.
In most cases, wage get with W-9 is not subject to income tax withholding unless IRS notices so, as for sample, if individual is — there’s a need to report this state to get your income tax redemption and pay impositions due on the emolument.
Vendor must conceal a flat percentage for levy if freelancer face disability to completely fill the paper.