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This form is for the bank to determine whether or not it has to withhold taxes from any interest it may pay you. The form is not filed with the IRS so you don't need to worry about the IRS reporting you to the INS based upon this form as they will not have it.
Now I do work in the US and am paid via check, so that is the money that will be taxed and withheld?
Not by the bank. The bank will only be involved in any interest they may pay on your bank balance. If you have a checking account that doesn't pay any interest, then there would be no withholding.
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