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FIRST ANSWER
Not sure why you are being asked to fill out an W-9 form...this is usually a form used for Independent Contractors.
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What's Form W-9?
Sunday January 27, 2008
Independent contractors and other people who work for themselves will need to report their Social Security Number or business tax identification number to their clients. This is done using Form W-9. As far as tax forms go, this is pretty straightforward. You provide your name, address and Social Security Number. For contractors who have a separate business entity, they provide the name, address and Employer Identification Number of their business.
The W-9 form also asks whether you are subject to backup withholding. This is withholding at a flat rate of 28% on payments made to you or your business under certain circumstances. There are two common reasons for backup withholding: your name and SSN as provided on Form W-9 don't match the IRS' records, or you have outstanding tax debts and the IRS has notified you that you are subject to mandatory backup withholding until the taxes are paid in full.
Contractors might be getting W-9 forms to fill out this time of year as clients get ready to mail out their 1099-MISC forms to report self-employment income. Brokers and financial institutions might also ask for a W-9 form if you'll be earning interest income, dividends, or trading stocks and other securities
Tue Oct 27 2009, 13:26
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