Workers have to respect their independent contractors who carry out the necessary work in the company. Every month you get a certain amount of money, but a deduction has already been made from it. You will see this in the reporting check. These are taxes, which by law you pay. At the end of the year, fill out W 9, which lists all of your contributions. This allows you to conduct legitimate work and allows you to see the IRS all received income and available benefits.
What points do deductions consist of
The table below shows the main payments.
|1.||Unified state taxes. Also, includes federal and state (depending on county of residence)|
|2.||Monthly retention for social insurance for all employees|
|3.||Forced withholding of funds, such as alimony or loans, for which the court ruled|
What should you do with W-9 during permanent work in the company
If you are an employee and not an independent contractor, sometimes your management may cheat and ask you to fill out W9 so as not to pay tax. You are considered responsible will have to independently fill out the form and take into account mandatory taxes and self-employment.
When can I get additional deductions
If you are an American citizen and have an SSN, this is a social security number that gives you the opportunity to receive additional contributions and benefits. To receive it, you need an application in social security administration. It’s free, within 10 days you will be given a 9-digit code that will help you get lost money:
- Deductions at birth or mortgages
- Lack of withholding tax on single housing
- The benefits of disabled or war widows
Document delivery dates
By law, you must send a document to the IRS until January 31 or take a deferral until April 15. If you are not in time for some reason, contact the IRS and write a request for an extension. Otherwise, you face a fine of $ 50 – $ 100, depending on the state.