W8 form?
Thread poster: Vasilis Tentolouris
Vasilis Tentolouris
Greece
Local time: 08:32
English to Greek
+ ...
Jan 21, 2010

Hello, an employer just asked me to fill out a W8 form firs before my receiving of the payment.

I live in Greece and the employing company is in US (evidently), and I am being paid through PayPal. I understand this has to do with taxing, but I don't quite understand what (if any) effect it has on me and my payment. Is the initial payment we agreed upon somehow reduced by taxing fees?

I imagine this must be asked a lot, but I don't have time to search the forums now, didn't find anything on my first search.


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Joel Pina Diaz  Identity Verified
Argentina
Local time: 02:32
Member (2009)
English to Spanish
+ ...
W-8 Jan 21, 2010

Hi Vassilis,
The form is only for the US individual tax payer so he can claim tax benefits out of your payment, will not affect you at any moment.

Here you can see two links, one for the download form and the other one for the instructions.

www.irs.gov/pub/irs-pdf/fw8ben.pdf

www.irs.gov/pub/irs-pdf/iw8ben.pdf

If you still having doubts about it contact the IRS at:

http://www.irs.gov/

http://www.irs.gov/localcontacts/article/0,,id=101292,00.html

Hope that relaxes you.

Good luck.


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Vasilis Tentolouris
Greece
Local time: 08:32
English to Greek
+ ...
TOPIC STARTER
thanks! Jan 21, 2010

Hello, thanks for your answer.

I had already managed to get the form and the instructions. Have you ever filled the form out?

I hope you can help me in one or two points. I'll understand if you are bored

It says that I have to verify that my income wont affect the U.S. economy in any way. Any idea on how I do that? Do I have to do something like this?


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Vasilis Tentolouris
Greece
Local time: 08:32
English to Greek
+ ...
TOPIC STARTER
nevermind Jan 23, 2010

nevermind, I managed it all out. thanx for the reply anyway

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jyuan_us  Identity Verified
United States
Local time: 01:32
Member (2005)
English to Chinese
+ ...
a couple of years ago Jan 24, 2010

I asked several CPAs who has their own accounting practice, but none of them knew what W8 is.

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Benno Groeneveld  Identity Verified
United States
Local time: 01:32
English to Dutch
+ ...
W8 is so that you don't pay US taxes Jan 25, 2010

Having a W8 on file for you means that the US company paying you doesn't have to withhold US taxes from your payment.
For example, if you hold shares in an American company in an account at a US institution (e.g. if you work for an American company outside the US and you sell stock options), having a W8 form on file means that the American financial institution won't withhold 29 percent of whatever money you receive when you sell your shares or options.
You DO have to tell your own tax people about the income, but at least you're safe from US taxes.


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