2007-03-07 07:32:35 · 4 answers · asked by anchorali2001 1 in Business & Finance ➔ Taxes ➔ United States
People who fill out W-9s are usually independent contractors and self-employed. You will not have taxes taken out of your earnings. You will be responsible for paying the 15.3% self-employment tax in addition to your federal and state income taxes.
You would receive a 1099 at the end of the year showing how much you were paid. The employer is required to file a 1099 if they paid you in excess of $600.
2007-03-07 07:38:39 · answer #1 · answered by tma 6 · 3⤊ 0⤋
A W-9 is used to request your Taxpayer Identification Number. The section of the W-9 instructions titled "How Do I Know When To Use Form W-9?" does not mention any dollar amount. If I were an employer, I would require the information before allowing anyone to start working. It saves the trouble of getting it later if required.
What does gram4762 mean by non-compensated employee? Non-compensated would mean unpaid in normal English.
2007-03-07 11:58:18 · answer #2 · answered by STEVEN F 7 · 0⤊ 2⤋
It's usually $600 or more.
2007-03-07 10:43:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
it depends on whether it is for non-compensated employee, legal, or rent. if non-compensated all monies paid must be reported to the irs.
2007-03-07 07:38:33 · answer #4 · answered by Anonymous · 0⤊ 3⤋