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Form Fillable W-9 IN: What You Should Know
You can use this W-9 form to make a one-time individual claim for self-employment tax. If your business income is subject to payroll taxes, there are many ways to report their income, so taxpayers have a good idea of how much they receive in wages. Some payroll arrangements are based on a percentage of your income, some on an hourly rate. Many business owners hire a business accountant or tax preparer to create a single W-9 using a formula, so they can see their income. Fill out W-9 at Fill Out a W-9 Form as an Independent Contractor As an independent contractor, you pay income and employment taxes on your own. Your employment taxes may be the same as those you are responsible for paying on behalf of an employer. For example, if you receive employment benefits in excess of the rate at which you are paid, you will report your self-employment tax on Form 1040X as taxable wages, less any non-taxable benefits. You can still elect to include self-employment taxes on Form 1040X. You will also want to create a tax return for the taxes you are responsible for paying if a customer provides them with your services on a regular basis. If you are an independent contractor, however, you are not a customer. Taxpayers have their own IRS forms, such as Form 1099-MISC. Your employment and self-employment tax obligations are more likely to be onerous than for a customer, so consider making an adjustment to these forms to reflect your changes to your business. If the IRS asks to see your Form 1099-MISC, you should make an adjustment. If your tax plan doesn't cover your employment taxes, you can apply for an employer-based plan. See the chart on page 5 of this publication to help you determine whether you are an employee or independent contractor and whether your employer-based plan will fit your plan. Wages you receive are taxable. The amount of wages you receive for your services on a piecework basis, through self-employment, or any other manner of remuneration for your services, is taxable to you. In general, you are a self-employed person if you are treated as such by your employer for the tax year. For more information on taxes, see chapter 7 in Publication 523, Your Federal Income Tax for Individuals.
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