What is w9 vs w2?

[ziva]

Can someone explain what is w9 vs w2 and the key differences between them? I want to know who fills them out and when. Also, how do they affect taxes?

 

[grace]

W-9 is for freelancers and contractors who handle their own taxes, W-2 is for regular employees where the employer withholds taxes for you, so which one you get basically tells you what kind of worker you are.

 

[Mr.Beast]

"I'm glad this question is being asked. So, W2s are basically the form that shows how much taxes were taken out of your paycheck for the year. W9s, on the other hand, are for independent contractors or freelancers who didn't have taxes withheld. Think of it like this: if you're an employee, you get a W2; if you're working for yourself, you get a W9."

 

[Tight Eyez]

A W-2 is for employees and shows wages earned, taxes withheld, and benefits provided by an employer each year. A W-9 is for independent contractors or freelancers, used to provide your Taxpayer Identification Number (TIN) to a business so they can report payments made to you. In short, W-2 workers are employees with tax withholding, while W-9 workers are usually self-employed and handle their own taxes.

 

[royjasika]

A W-9 Form and a W-2 Form serve different roles. A W-9 is completed by independent contractors to give their taxpayer details to a business, with no taxes withheld. A W-2 is issued by employers to employees, showing wages earned and taxes already withheld. Both are used for reporting to the Internal Revenue Service.