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How to fill out a W-9 form Download the W-9 form from IRS.gov. ... Provide your full legal name and business name. ... Describe your business structure. ... Exemption. ... Enter your mailing address. ... Add any account numbers. ... Provide your Social Security number or Employer Identification Number. ... See if you need to sign and date the form.
You should not enter a Form SSA-1099 for a dependent on your tax return. Your dependent should enter the SSA-1099 income on his or her own separate return. While it may not be necessary for the dependent to file a separate return, it may be beneficial if the dependent had taxes withheld and would have a refund.
Independent contractors fill out a Form W-9. Employees fill out Form W-4. Self-employed workers use the Form W-9 to provide their taxpayer identification number (TIN) to companies that they do work for.
It's generally advised to save about 20-30% of your income to pay self-employment taxes. If you estimate you'll owe over $1,000 in taxes, you'll have to make 1099-NEC estimated tax payments. You can use a tax estimator for the self-employed to check whether you owe quarterly taxes.
In the case of claiming tax credits, using Form 1040 is a must. If an independent contractor is claiming earned income tax credit, it will be mandatory to fill out Schedule EIC. This form will be applicable if an independent contractor plans to list out the qualifying dependents.