Get the free W-2 vs. W-9: The Key Differences You Need To Know

MemoAccounting & Data Processing Office:All Diocesan Parishes, Schools, and AgenciesFrom:Lori Glendale:December 28, 2023Re: Yearend Payroll Procedures ___ We need to receive a W2 worksheet (enclosed)

How to fill out w-2 vs w-9 form

How to fill out w-2 vs w-9 form

1. To fill out the W-2 form, follow these steps:
2. Enter your personal information, including your name, address, and social security number.
3. Provide your employer's information, including their name, address, and employer identification number (EIN).
4. Fill in the details of your wages, tips, and other compensation you received from your employer.
5. Report any federal income tax withheld by your employer.
6. Include information about any dependent care benefits, retirement plan contributions, or other deductions.
7. Calculate your total income and taxes withheld.
8. Sign and date the form before submitting it to your employer.
10. To fill out the W-9 form, follow these steps:
11. Enter your name and business name (if applicable) in the appropriate fields.
12. Provide your address and social security number (or employer identification number for businesses).
13. Indicate your tax classification, such as individual/sole proprietor, corporation, partnership, etc.
14. If you are exempt from backup withholding, specify it by checking the appropriate box.
15. Sign and date the form, certifying that the information provided is correct.
16. Submit the completed form to the requester or payer as instructed.
18. Note: It is recommended to review the instructions provided with each form for detailed guidance.

Who needs w-2 vs w-9 form?

1. W-2 Form:
2. - Employees who receive a salary or wages from an employer need to fill out the W-2 form.
3. - It is necessary for tax reporting purposes and to ensure accurate withholding of federal income tax.
5. W-9 Form:
6. - Individuals or businesses that are paid as independent contractors or freelancers usually need to complete a W-9 form.
7. - It is used to provide the requester or payer with your correct taxpayer identification number (TIN) for income reporting.
8. - You may also need to fill out a W-9 form if you receive certain types of income, such as rent or royalties.

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What is w-2 vs w-9 form?

The W-2 form is used by employers to report wages paid to employees and the taxes withheld from them. The W-9 form is used by individuals and entities to provide their taxpayer identification number (TIN) to a requester, typically for the purpose of reporting income.

Who is required to file w-2 vs w-9 form?

Employers are required to file W-2 forms for each employee to report their earnings and taxes. Individuals or entities who receive payments and need to provide a TIN to the payer use the W-9 form.

How to fill out w-2 vs w-9 form?

To fill out a W-2 form, employers must enter employee information, wages, and tax withholding details. For the W-9 form, individuals need to provide their name, business name (if applicable), type of entity, address, and TIN.

What is the purpose of w-2 vs w-9 form?

The W-2 form serves to report an employee's annual wages and taxes withheld to the IRS. The W-9 form's purpose is to provide accurate taxpayer identification information to the requester for tax reporting purposes.

What information must be reported on w-2 vs w-9 form?

The W-2 form must report the employee's total wages, Social Security wages, Medicare wages, and the amounts withheld for federal income tax, Social Security tax, and Medicare tax. The W-9 form requires the submitter's name, business name, address, and TIN.