Contractor Irs With Provide W9
Description
How to fill out Determining Self-Employed Independent Contractor Status?
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FAQ
If the independent contractor doesn't provide you with Form W-9 you must withhold tax from payments to that person. This is referred to as backup withholding and should be withheld at the rate of 24% and then submitted to the IRS.
Although you will not need to submit the W-9 to the IRS, you will need that information later to fill out the contractor's 1099. Keep it on file so you can resurrect it at year's end. Be sure to issue those 1099 forms to your contractors as soon as you can in January, and by January 31 at the latest.
You will need to fill out a W-9 form if you: Classify yourself as an independent contractor or ?freelancer.? Are not a full-time employee of the business. Will be paid more than $600 for work provided to the business.
The short answer is "no," but the long answer is a little more complicated. Generally, a W-9 should only be updated if there are changes to the employee's personal or business information. This includes changes in marital status, number of dependents, address, and tax identification number (TIN).