This is difficult!
This paraphrase would be considered plagiarism. Even though the paraphrase begins with "According to Tim Wise..." there is little difference between this paraphrase and the original passage. The vocabulary is nearly identical and the structure is the same. All that has been changed is that the original passage refers to White Americans as "we" and the paraphrase refers to White Americans as "they." This is too similar to the original to be acceptable as paraphrase.
This is an acceptable paraphrase. While this paraphrase expresses the ideas that are contained in the original passage, the structure of the paragraph is different and the vocabulary has been sufficiently altered. The writer of this paraphrase credits Tim Wise with the comparison of white priviledge to water, but then goes on to explain this in his or her own words.
This paraphrase would be considered plagiarism. This paraphrase does a better job of not exclusively using the vocabulary from the original passage, but that is all that is really different. The structure is identical. The parenthetical citation would make the reader think that this is a summation of Tim Wise's ideas, but this paraphrase is better descibed as the original with a few words changed here and there.
This paraphrase would be considered plagiarism. This paraphrase flips the sentences from the original passage around, but otherwise little is different. This paraphrase uses nearly the exact wording of the original, keeping in phrases such as "opportunity structure" and "pose of self-sufficiency." These are the words of Tim Wise, and a paraphrase should not use the exact same words.