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W9 Form 2023 Bend Oregon: What You Should Know

In general, it is the responsibility of the contractor to report their income accurately and accurately file the taxes if they should owe any income tax on the return. The form, Form 1099-MISC, can also be used as a basis for establishing that your independent contractor paid income tax on a specific date. If you are in the process of hiring an independent contractor, then the business may use the employer portion of Form W-9 as a form of proof for all services performed. However, this should be done only when: • You do not intend to collect social security and Medicare when the independent contractor is on duty; • The independent contractor is only performing a job that you perform; or • The business does not want to be held liable to the employee for withholding income taxes. There are several times when an independent contractor should not be required to withhold any income tax on his or her own return, including: • When he or she is providing services on the basis of a contract with you: When you hire a person or entity (the independent contractor) to perform work that you do, you must withhold any employment taxes, Medicare/Social Security, and self-employment taxes from the payment. However, the independent contractor is not obligated to withhold taxes under any other situation, including a work order. If you pay an independent contractor on the basis of a job order that includes social insurance and Medicare taxes, the independent contractor can deduct these taxes from their self-employment income. • When you hire a person to perform a task on a regular basis. If the work has been performed regularly and a service rendered, the independent contractor is not required to withhold any income tax when he or she reports income from self-employment. When should I receive Form W-9s or other tax information from my contractor? It is a common practice for vendors to fill out a Form W-9 before providing services.  The vendor provides you with the contact information, so you can send in the Form W-9 before a payment or other activity occurs. However, not all vendors require that you keep a complete copy of the information contained in the W-9, in case you have to pay them back for the services. You should receive Forms W-9 as a verification that the individual's or business's information matches up with information we have received on your Form 1099.

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