PREPARING A PASTOR’S W-2 FORM
description
Transcript of PREPARING A PASTOR’S W-2 FORM
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PREPARING A PASTOR’S W-2 FORM
Please follow instructions at the top of each screen.
To begin the presentation, just press your “down arrow”
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Preparing a W-2 for PastorsUse “Down Arrow” or “Page Down” buttons for Next Screen
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Enter Pastor’s Social Security #Press Down Arrow
123-45-6789
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Enter Employer’s E.I.N.#Press Down Arrow
123-45-6789
51-9876543
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Enter Employer’s Name and AddressPress Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
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Control Number is OptionalPress Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
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Enter Pastor’s Name and AddressPress Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
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How to Calculate Box 1Press Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
???????????
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1.Begin with Total Comp= $40,000 (Do not include Housing Allowance)
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(How to calculate taxable income)
Press Down Arrow
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Enter Pastor’s Taxable CompensationPress Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570
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Enter any Federal Tax Withheld per Pastor’s W-4(Leave #2 Blank if no tax withheld)
Press Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
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For Pastors, Boxes 3, 4, 5, and 6 are BlankBoxes 7-9 and 11 normally not applicable
Press Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
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Complete Box 10 only if Pastor chose FSA Dependent Care(for parents with children under 13 – see health and dental coupon if applicable)
Press Down Arrow
123-45-6789
51-98765431
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
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Box 12 – Codes C, E, W, DD(Other codes, if applicable, are located on the back of the W-2)
Press Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
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1.Begin with Total Comp= $40,000 (Do not include Housing Allowance)
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(Code “C”)
Press Down Arrow
CODE “C”
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Box 12 – Code C
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
C 72
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1.Begin with Total Comp= $40,000 (Do not include Housing Allowance)
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(Code “E”)
CODE “E”
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Box 12 – Code EPress Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
C 72
E 1200
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1.Begin with Total Comp= $40,000 (Do not include Housing Allowance)
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(CODE W)
Press Down Arrow
CODE “W”
IMPORTANT NOTE
Box 12 W is for persons in HSA only. Box 12W includes both pastor’s contribution (i.e. $2,500) plus the employer’s contribution
In December, a letter is mailed to the pastor providing the amount of the Employer’s Contribution. Treasurers: Please get this letter from your pastor.
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Box 12 – Code EPress Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
C 72
E 1200
W 4900
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Box 12 – Code DD(Include the Health Cost – see December letter for amount)
Press Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
C 72
E 1200
W 4900
DD 17908
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Box 13 – mark if participating in CRSP (Clergy Retirement Security Program)Press Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
C 72
E 1200
W 4900
DD 17908
x
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Box 14 is optional – Information Box Only
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
C 72
E 1200
W 4900
DD 17908
x
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Box 15 – State and ID# where salary was earned(ID# is located on State Transmittal Form)
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
C 72
E 1200
W 4900
DD 17908
x
DE 1-519876543-001
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Box 16 – Normally the same as Box 1Press Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
C 72
E 1200
W 4900
DD 17908
x
DE 1-519876543-001 33570
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Box 17 – State Tax withheld if Pastor requestedPress Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
C 72
E 1200
W 4900
DD 17908
x
DE 1-519876543-001 33570 250
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Box 18 – Local Taxes withheld if Pastor requestedPress Down Arrow
123-45-6789
51-9876543
Romans United Methodist Church1500 Damascus RoadCorinth, Delaware 19999
(Optional)
Mark L. Matthew13 Wesley RoadAsbury, DE 19900
33570 4232
C 72
E 1200
W 4900
DD 17908
x
DE 1-519876543-001 33570 250