taxes and bank name

[7ca659bb]

Hi,

I am new and going through learning and setting stuff up. 

I will be working from the freelance side. And in some places it says freelancers are responsible for their own taxes.

But in the payments stuff it say's you have to file w-9 I think for me. 

So my  first question is I thought I was going to have to be doing quarterly estimated tax payments  or whatever the name is.

And now I am wondering on this site do you not do any of that and Upwork is taking out taxes like and employer and sending to IRS my taxes and then I get a form from them like a w2 or what have you?

And question number 2

I will be using a enhanced drivers license for my id verification . And I have not set up a dedicated bank account for this site yet and I see posts about name mismatches etc.  So do I just set that up with exact name from license and from what I am guessing the beneficiary on the account has to be me and have same exact name?

[ArjayM · Accepted solution]

Hi James, 

Thank you for reaching out and raising this query. To address your first question, while we can’t give you tax advice, we can tell you what forms you need to submit to Upwork. If you are a U.S person, you need to file a Form W-9 with Upwork.

If you do not complete a W-9 with a valid taxpayer identification number — your Social Security or Employer Identification Number — we are required to withhold and remit taxes from your payments to the U.S. Internal Revenue Service at a pre-set tax rate.

Learn more about W-9 forms here and reporting your Upwork income here.

For your second question, Yes! If you are withdrawing directly to your bank account, the beneficiary name on your bank account must match your verified name on Upwork. This includes the addition of middle names, family names or unique characters. Exceptions may be made for transgender users and common name changes, i.e., Robert to Bob.

If your payment method was flagged for a name mismatch, you may add a new payment method that reflects your Upwork verified name, or reply to the email sent from Upwork to start the process of verifying that you are an authorized user on the payment method.

You may want to check this help article for more details. I hope this clarifies.