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Preparing a W-2 for Pastors Enter Pastors Social Security # 123-45-6789.

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Presentation on theme: "Preparing a W-2 for Pastors Enter Pastors Social Security # 123-45-6789."— Presentation transcript:

1

2 Preparing a W-2 for Pastors

3 Enter Pastors Social Security #

4 Enter Employers E.I.N. #

5 Enter Employers Name and Address Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901

6 Control Number is optional Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional)

7 Enter Pastors Name and Address Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE 19900

8 How to calculate Box Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE ?????????

9 1.Begin with Total Comp= 2.Subtract Before-Tax Pension= $1,200 3.Subtract Furn Allow= $2,000 4.Subtract Pastor Contribution to Health Insurance= $1,212 (see health/dental coupon) 5.Subtract Pastors HSA $2,500 Contribution or FSA Contributions (Health and Dependent) and FSA Adm (see health/dental coupon) 6.Add Excess Life Premium $72 7.Total Taxable= $33,570 SAMPLE ONLY $40,410

10 Enter Pastors Taxable Compensation Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE ,570

11 Enter any Federal Tax withheld per Pastors W-4, or Blank if no w/h Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE

12 For Pastors, Boxes 3,4,5,6 Leave Blank Boxes 7-9 and 11 normally not applicable Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE

13 Complete Box 10 only if Pastor chose FSA Dependent Care (for parents with children under 13-see health/dental coupon) Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE

14 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE Box 12 – Codes C, E, W (Other codes, if applicable, are located on back of W-2) 4232

15 Begin with Total Comp= $40,410 Subtract Before-Tax Pension= $1,200 Subtract Furn Allow= $2,000 Subtract Pastor Contribution to Health Insurance= $1212 (see health/dental coupon) Subtract Pastors HSA $2,500 Contribution or FSA Contributions (Health and Dependent) and FSA Adm (see health/dental coupon) Add Excess Life Premium $72 Total Taxable Income= $33,570 CODE C

16 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE Box 12 – Codes C, E, W C

17 Begin with Total Comp= $40,410 Subtract Before-Tax Pension= $1200 Subtract Furn Allow= $2,000 Subtract Pastor Contribution to Health Insurance= $1212 (see health/dental coupon) Subtract Pastors HSA $2500 Contribution or FSA Contributions (Health and Dependent) and FSA Adm (see health/dental coupon) Add Excess Life Premium $72 Total Taxable Income= $33,570 CODE E

18 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE Box 12 – Codes C, E, W C72 E

19 Begin with Total Comp= $40,410 Subtract Before-Tax Pension= $1200 Subtract Furn Allow= $2,000 Subtract Pastor Contribution to Health Insurance= $1212 (see health/dental coupon) Subtract Pastors HSA $2,500 Contribution or FSA Contributions (Health and Dependent) and FSA Adm (see health/dental coupon) Add Excess Life Premium $72 Total Taxable Income= $33,570 Important Note Box 12 W is for persons in HSA only: The amount includes pastors contribution (i.e. $2,500) plus employers contribution. In December, a letter will be mailed to the pastor providing the amount of the Employers Contribution. (Treasurers should ask Pastor for the letter)

20 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE Box 12 – Codes C, E, W C72 E1200 W

21 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE Mark Box 13 if participating in CRSP (Pastors pension plan) C72 E1200 W4900 X 4232

22 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE Box 14 is optional – Information Box Only C72 E1200 W4900 X 4232

23 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE Box 15 – State and ID# where salary earned (ID# is located on State Transmittal Form) C72 E1200 W4900 X DE

24 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE Box 16 – Normally the same as Box 1 C72 E1200 W4900 X DE

25 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE Box 17 – State Tax W/H per Pastors Request C72 E1200 W4900 X DE

26 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware (optional) Joseph M. Porter 13 Wesley Road Asbury, DE Box 18, 19, 20 – Complete if Pastor requested local taxes W/H C72 E1200 W4900 X DE


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