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♪LONGHORNS BABY♪ | I am filling out a tax form can u help? 10points!? |
on my w9 form it says check appropriate box-1.individual/sole propriator 2.corporation 3.partnership 4.limited liablity company 5. other
I am going to be an indipendant contractor. I don't know which one to choose. HELP! LET ME KNOW IF YOU NEED MORE DETAILS PLEASE.
Additional Details
where is the section that asks how many you claim? Such as 1 or 0? I do not see that in the form? |
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x0x_tiara_x0x
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Its number one...you are working for yourself basically and your doing it sole/individually...I'm sure of this i've filled out many w9's |
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Harry G
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It is number one because sole propiators are the ones who own the business solely to themselves. An independant contractor is considered one. |
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Judy1
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1. You are an individual. |
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mysty_1969
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I think your employer id leading you down the garden path. If you are filling out a W-9 that means he is not hiring you as an employee but he is putting you on as an independent contractor. This mean you are responsible for all taxes which effectively reduces your income and presents a potential for a big tax bill come next spring. If this is so you would check Box 1 which means you are working for yourself. Be careful of this kind of arrangement because it may not be legal for the employer to do this, and you will be working under completely different conditions then you expect. |
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kathykoul
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You'll check 1. individual/sole proprietor. You won't "claim" anything - this isn't a w-4 for an employer. An independent contractor pays all their own taxes. That means both sides of social security and medicare at 15.3% which is called self employment tax and regular income tax. When you're an employee you only pay 7.65% for ss and medicare and they have to match it. You will need to keep close track of your income and expenses so you can fill out a Schedule C (profit or loss from business) with your tax return next year and also a Schedule SE (self employment tax). You also have to make estimated tax payments. You should be sending in 25% of your income as an estimate using a 1040-ES. |
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fotoguy
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The W-9 form will not ask you how many you claim because that question is used for the purpose of withholding from your paycheck. If you are filling out the W-9, you are a contractor rather than a regular employee. The employer will not be withholding ANYTHING from your check. You will be 100% responsible for paying your tax bill. Keep that in mind when you cash your paycheck.
Also, if the employer does not let you do the job your own way to get the required/desired results, then you are being classified incorrectly, and should be a regular W-2 employee. If they tell you when, where, and how to do your work, they need to classify you as a regular employee, and you need to fill out a W-4 rather than a W-9.
Also, since you are not a partnership, LLC, or Corporation (you would definitely know it if you were one of those), then make sure you choose #1 for individual/sole proprietor. |
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thegemini
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1. Individual
You are not an independent contractor yet. |
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Hannah
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I'm pretty sure it's #1.
Can you answer my Q, too, please?
http://answers.yahoo.com/question/index?qid=20080412232405AAuGe3B&pa=FYd1D2bwHTHzJLJmEu0zRSJRWrPdZwBhFOL4HsZge7bMhg--&paid=asked&msgr_status= |
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bikerchick28
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WHATTTTT??????????? |
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flawlesscowboy94
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You should choose 1 since you are not an independent contractor yet... |
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