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Form W-4V MS: What You Should Know
What To Tell Yourself Before Doing A Form W-4V If you are working as an independent contractor, and you have a Social Security account, it is important to know that you are covered by the Federal Insurance Contributions Act (FICA). FICA taxes you at the same rate regardless of either your hourly rate or the number of hours per week on which you work. Form 89-350 is a voluntary agreement between you and the IRS to withhold the Federal income tax you owe. You can change the amount, if you so desire, from form W-4. It is not required to notify the IRS of any change to your wages, but it must be filed within 30 days of the notice to you from the IRS. There are a few different ways to calculate tax withholding.
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