Current W9 Form Printable 2022 – Self-employment within the U.S. has its drawbacks and advantages. One advantage is that you can choose your work schedule and have the freedom to control your time off. However, that doesn’t mean you’re free from any obligation. Making sure you report your earnings and submit all tax-related documents is now solely your obligation. This is why it’s crucial to organize your paperwork and be aware of deadlines and tax rules imposed by the IRS.
What is the current IRS Form W-9?
W-9 is a one-page IRS tax document, which is also referred to by”the Request to Taxpayer ID Number and Certification. Along with other tax returns required by the IRS, Form W-9 is among the most commonly used tax filing forms within the United States. While the form isn’t necessary to be delivered to the IRS, it contains crucial information that regulates the relations between employees and employers. Let’s look more closely at the form W-9 to learn the details about its specifics.
Who needs a W-9 Form?
It’s a myth that freelancers and contractors do not need tax obligations. The fact that they are self-employed doesn’t eliminate the obligation to file an income tax return. Taxes for contractors are typically more complicated than those of employees. This is due to employers withholding the correct taxes for the employee. Independent contractors and freelancers are responsible for withholding (and making payments for) their taxes.
What’s in there – employee or independent contractor?
As an employee, your employer withholds your income taxes, withholds and pays Medicare and Social Security taxes, and has to pay unemployment tax on your wages. If you’re an independent contractor, all this is different. Social Security and Medicare taxes are your responsibility. And in case you’re laid off, you’ll receive no unemployment compensation.