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Why does someone need a W9?

Form W-9 provides personal identifiable information to a person or business used for reporting income paid to individuals such as self-employed people like independent contractors, freelancers, vendors or other customers.

Does a W9 mean I have to pay taxes?

Form W-9 can also be used to report other types of payments to the IRS, such as IRA contributions or mortgage interest. A W-9 doesnt include any tax withholding information because independent contractors are responsible for filing and paying their taxes unless they are subject to backup withholding.

What is the W-9S form used for?

Use Form W-9S to give your correct SSN or ITIN to the person requesting it and, if applicable, to certify that the proceeds of a loan are being used, or will be used, solely to pay for qualified higher education expenses (defined on page 2). You are required to provide the requested information.

Do I claim 0 or 1 on my W4?

By placing a 0 on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period. 2. You can choose to have no taxes taken out of your tax and claim Exemption (see Example 2).

What is a W-10 form used for?

You may use this form to get the correct name, address and taxpayer identification number (TIN) from each person or organization that provides care for your child or other dependent if: You plan to claim a credit for child and dependent care expenses on Form 1040 or 1040-SR, or.

What is the personal exemption for 2010?

For 2010, the exemption levels were increased to $72,450 for married couples filing jointly, $47,450 for those filing as Single and Head of Household, and $36,225 for married couples filing separately.

Who is required to fill out a W9?

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.

What is the W9 tax form used for?

The W-9 is an Internal Revenue Service (IRS) form in which a taxpayer provides their correct taxpayer identification number (TIN) to an individual or entity (Form W-9 requester) who is required to file an information return to report the amount paid to a payee, or other amount reportable on an information return.

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