W-9 Tax Forms
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If you’re an independent contractor working for one of our divisions and are looking for a printable W-9 form – click on one of icons below:
The Purpose of a W-9 Form
A W-9 form is a document issued by the United States Internal Revenue Service (IRS) for specific taxation purposes. It’s important to note W-9’s are not filed with the IRS and must be collected for a U.S. person by companies or clients that freelancers or hire independent contractors. They are also used for earnings received by financial institutions. Also, employees are not required to fill out these forms. For federal purposes, a U.S person includes (but is not limited to):
An individual who is a U.S. citizen or U.S. resident alien
A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States,
Any estate (other than a foreign estate), or
A domestic trust.
W-9 Forms are used to gather information about independent contractors and requires people to include their name, address and social security number (or taxpayer identification number). Check the IRS’s instructions (located athttp://www.irs.gov/instructions/iw9/ar02.html) for more information about similar or substitute forms that may be used.
Chesapeake Systems and its subsidiaries use the information collected on W-9’s (or substitutes) to produce a Form 1099. This document details the earnings that the independent contractor received that tax year from that specific client. This form is sent to the IRS and the independent contractor. Please note some states require a separate mailing of the Form 1099.
While a Form W-4 allows employees to have an automatic tax withheld from their paychecks, the W-9 does not withhold social security payments or taxes. Independent contractors are liable for all taxes that are assesed to their income and are normally required to submit quarterly estimated tax payments to the IRS (and maybe their state tax board as well). The Form 1040-ES is used by independent contractors to submit these payments to the federal government.
W-9 forms require a signature, but the signature does not have to be witnessed (unlike the W-4). Most of the time freelancers send in a W-9. This can be a copy of the original.
It’s also important to note the Form W-9 is not required for independent contractors who are not U.S. citizens and U.S. resident aliens. In those cases, a Form W-8 may be required. Check the IRS website for specific instructions.
If you have questions contact us at 443.561.1600 and ask to speak to someone in our Accounting Department. Please be sure to reference W-9 Forms.