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INCOME RULES, 1962 Form No. 49AApplication for Allotment of Permanent Account Number In the case of Indian Citizens/Indian Companies/Entities incorporated in India/ Unincorporated entities formed
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The two abbreviations of form are 'W-2' and '1099'.
Employers are required to file Form W-2, while independent contractors and freelancers may receive Form 1099 from businesses.
Form W-2 should be filled out with employee compensation details, taxes withheld, and employer information. Form 1099 requires reporting of payments made to non-employees, including the total amount paid and the recipient's information.
The purpose of Form W-2 is to report wages and taxes withheld for employees, while Form 1099 is used to report income earned by independent contractors and other non-employees.
Form W-2 must report wages paid, taxes withheld, and employee details. Form 1099 must report the total payments made to the contractor, including the contractor's taxpayer identification number.
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