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Downloadable W9 Tax Form: What You Should Know

W-9 forms may be used for the following services: — Accounting — Bookkeeping — Contractor and Freelancers — Tax preparation — Social Security, Medicare, Medicare/Medicaid — Workers' Compensation — Workers' Compensation Insurance — Employment tax — Unemployment insurance — Income tax refund  — Wages — Unemployment compensation payments — Workers' compensation benefits — Workers' compensation — Insurance claims — Pension contributions — IRA and 401(k) contributions — IRA and 401(k) plan payments — IRA or 401(k) withdrawals — Retirement accounts — Annuities — Retirement benefits — Retirement income — Other services provided by independent contractor. The Form W-9 is the most common form in America and is widely used by employers. When an independent contractor (IC) uses a Form W-9 to prepare and file a return for the business, the business will report a Form 1099-MISC for the sale of services. The business does not have to report Form W-9 earnings for its employees. Independent contractors will only receive a Form 1099-MISC if they receive more than 600 of income from independent contractor status. If an independent contractor is paid through the business, he/she will not receive a Form 1099-MISC with the salary.  The W-9 process is simple and is only four categories. All Form W-9 forms should be sent to the CRA from the business. Your own independent contractor will need to be aware of the steps required for filing a Form 1099-MISC for their services. Form W-9 does not provide the individual who has been taxed for services. Independent contractors are tax professionals, just like your accountant. Form W-9 — Frequently-asked questions W-9 for Independent Contractor/Freelancer What does “Independent Contractor” mean? You cannot be a “freelancer” if you engage in taxable sales for your business. For your own protection, you can use the “self-employed” or “self-employed” column on the tax label to identify yourself as an independent contractor (IC). For example, if you earned your living as a “self-employed lawyer” and were taxed on your income as a “real lawyer,” you would be considered an employer of individuals who work for him/her.

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