The easiest way I know is the old school way. Photoshop is not really designed to handle a lot of text so nest it in something that is.
Open a new document in Illustrator with two layers. On the bottom layer, place the image you want to wrap. If you have already built this as a PSD, place it. On the top layer, manually wrap your text box around the object. This allows you to avoid the dreaded Soft Return nightmare when you have to edit the copy.
Open the image in Photoshop. Drag in the Illustrator layers as a Vector Smart Object. Open the new Vector Smart Object, turn off the bottom layer and save it. This leaves the text only in PS.
The text is now in PS and you can use all the effects you want. Should you need to edit the text - not that we ever have to - just open the Vector Smart Layer.
If you change or update the image, it will be updated in AI so you can change your wrap. I turn off the Vector Smart Layers in PS when I update the AI Vector Layer.
From the design and production world, fast, easy and accurate equals less time and more money. Hope this helps.