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What Is the Difference Between a W-2 and a W-9 Tax Form? W-2 and W-9 forms serve different purposes. A W-2 is a wage and tax statement employers use to report employees’ wages and tax withholdings.
Form W-9 is most commonly used in a business–contractor arrangement. [4] Businesses can use Form W-9 to request information from contractors they hire. When a business pays a contractor over $600 during a tax year, the business is required to file Form 1099-MISC, a variant of Form 1099. To fill out Form 1099-MISC, the business may need to ...
A W-9 is typically used by businesses to collect a person's identifying information, including name, address and Social Security number or tax identification number, for income purposes.
When you're hired as a contractor for a business or beginning work as a freelancer, you may be asked to complete a W-9 and provide it to the business that will be paying you. Here's why.
The form W-1, Return of Income Tax Withheld on Wages, was the original form used to report Federal income tax withholding. In 1950, both Form W-1 and Form SS-1, which reported Social Security tax withholding, were replaced by Form 941 which is used by employers to report both income tax withholding and Social Security taxes. [45]
Information returns are reports used to transmit information about income, receipts or other matters that may affect tax liabilities. For example, Form W-2 and Form 1099 are used to report on the amount of income that an employer, independent contractor, broker, or other payer pays to a taxpayer.