>>>see visual #1

Open a blank document and paste the image you want to use inside of it.
Select the type tool and type in whatever you want.

>>>see visual #2

Hold down the Ctrl key and select the text layer.

>>>see visual #3

Drag the text layer underneath the image layer. Then select the image layer and press Ctrl + C (copy). Paste onto a new document.

>>>see result

And your done! Easy, right? You can add other effects, like Stroke, Shadow, or whatever else you'd like.