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How much is the cost of W9 tax form?

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  • How much is the cost of W9 tax form?


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Answer #1 | 27/12 2013 17:03
The entire prize money will be counted as income for you - However if you are jobless, your tax liability will be much lower than if you already had substantial income from employment. You get a personal deduction of $3900.00 and can use a standard deduction filing as a single of $6100.00 before any of your income is taxed. (Provided you aren't claimed as a dependent on another person's tax return.)
Positive: 100 %
Answer #2 | 27/12 2013 17:02
Don't accept the prize yet. You will have to pay the tax out of your own pocket, and it might be more than the prize money. Don't accept the prize until you are sure that you have enough money to pay the tax. There is no cost to the W-9 form itself. The tax is for winning, and it is the same tax with or without the form W-9.
Positive: 50 %
Answer #3 | 27/12 2013 18:06
A W-9 is free.
Positive: 50 %
Answer #4 | 27/12 2013 18:27
They will probably withhold some amount of taxes when and if you do fill out the W-9 form correctly for that purpose at that time in your life to be used as a tax credit on the correct line of your 1040 FIT return during the next tax filing season for the past tax year . You could just choose to ignore the trip and for get about the whole matter at this time in your life and then you would NOT have to worry about how much you will have to pay for the trip after the fact at that time in your life. Hope that you find the above enclosed information useful. 12/27/2013
Positive: 50 %
Answer #5 | 28/12 2013 09:33
A W9 doesn't cost a dime, it's downloadable from the IRS.gov website. The W9 is merely a form requesting the recipient of monies provide his/her tax identification number and legal formation (individual, corporation, etc). The prize, though, is taxable.
Positive: 50 %
Answer #6 | 27/12 2013 16:51
at least 10% of all costs. u get to pay out of your pockets next year b4 4/15th. time to get any work. visit library for books on how to file. books on how to land work.
Positive: 33.333333333333 %
Answer #7 | 27/12 2013 20:16
yes the cost of the prize, $4900 is taxable to you and the amount of taxes will be determined by the rest of your income, it is not taxed individually if you have no other income, the $4900 will not incur any income tax for you

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