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Dear Freedom Seeker,
Every January most employers across America send W-2 Forms to the IRS showing the wages earned, amounts deducted and withheld as pre-payment for Individual Income Taxes according to the W-4 Form provided by the employee, and the amounts paid for Social Security and Medicare Taxes. State and local Income Taxes withheld are also shown on the W-2 Form. A copy of the W-2 Form is provided to the employee who received the wage payments.
You may have recently received an IRS Form W-2 yourself and are wondering whether you will be breaking the law, risking fines, penalties or even imprisonment if you do not report those payments as taxable income on a Form 1040 by April 15th.
In this week’s Freedom Hour, Peymon Mottahedeh, Founder and President of Freedom Law School, explains the laws about W-2 Forms: