Post on 28-Mar-2015
transcript
Preparing a W-2 for Pastors
Enter Pastor’s Social Security #
123-45-6789
Enter Employer’s E.I.N. #
51-1111111123-45-6789
Enter Employer’s Name and Address
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
Control Number is optional
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Enter Pastor’s Name and Address
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
How to calculate Box 1
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
?????????
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 Pastor’s 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
Enter Pastor’s Taxable Compensation
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33,570
Enter any Federal Tax withheld per Pastor’s W-4, or Blank if no w/h
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33570 4232
For Pastors, Boxes 3,4,5,6 Leave BlankBoxes 7-9 and 11 normally not applicable
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33570 4232
Complete Box 10 only if Pastor chose FSA Dependent Care
(for parents with children under 13-see health/dental coupon)
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33570 4232
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33570
Box 12 – Codes C, E, W (Other codes, if applicable, are located on back of W-2)
4232
Begin with Total Comp= $40,410Subtract “Before-Tax”
Pension= $1,200
Subtract “Furn Allow”= $2,000Subtract “Pastor Contribution
to Health Insurance= $1212 (see health/dental coupon)
Subtract Pastor’s HSA $2,500 Contribution or FSA Contributions (Health and Dependent) and FSA Adm (see health/dental coupon)
Add Excess Life Premium $72Total Taxable Income= $33,570
CODE “C”
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33570
Box 12 – Codes C, E, W
C 72
4232
Begin with Total Comp= $40,410
Subtract “Before-Tax”
Pension= $1200
Subtract “Furn Allow”= $2,000Subtract “Pastor Contribution
to Health Insurance= $1212 (see health/dental coupon)
Subtract Pastor’s HSA $2500 Contribution or FSA
Contributions (Health and Dependent) and FSA Adm
(see health/dental coupon)Add Excess Life Premium $72Total Taxable Income= $33,570
CODE “E”
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33570
Box 12 – Codes C, E, W
C 72E 1200
4232
Begin with Total Comp= $40,410Subtract “Before-Tax”
Pension=
$1200 Subtract “Furn Allow”= $2,000Subtract “Pastor Contribution
to Health Insurance= $1212 (see health/dental coupon)
Subtract Pastor’s HSA $2,500 Contribution or FSA
Contributions (Health and Dependent) and FSA Adm
(see health/dental coupon)Add Excess Life Premium $72Total Taxable Income= $33,570
Important Note
Box 12 W is for persons in HSA only: The amount includes pastor’s contribution (i.e. $2,500) plus employer’s contribution.
In December, a letter will be mailed to the pastor providing the amount of the Employer’s Contribution. (Treasurers should ask Pastor for the letter)
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33570
Box 12 – Codes C, E, W
C 72E 1200W 4900
4232
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33570
Mark Box 13 if participating in CRSP (Pastor’s pension plan)
C 72E 1200W 4900
X
4232
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33570
Box 14 is optional – Information Box Only
C 72E 1200W 4900
X
4232
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33570
Box 15 – State and ID# where salary earned (ID# is located on State Transmittal Form)
C 72E 1200W 4900
X
DE 1-5111111-001
4232
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33570
Box 16 – Normally the same as Box 1
C 72E 1200W 4900
X
DE 1-5111111-001 33570
4232
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33570
Box 17 – State Tax W/H per Pastor’s Request
C 72E 1200W 4900
X
DE 1-51111111-001 33570 250
4232
51-1111111123-45-6789
Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901
(optional)
Joseph M. Porter 13 Wesley Road Asbury, DE 19900
33570
Box 18, 19, 20 – Complete if Pastor requested local taxes W/H
C 72E 1200W 4900
X
DE 1-5111111-001 33570 250
4232