Housing: Rent Calculation Study Guide with
100% Complete Solutions
Describe the two methods for annualizing seasonal income - ANSWER Method 1:
Annualize current income and conduct an interim reexam when income changes.
Method 2: Calculate anticipated income from all known sources for the entire year.
No interim reexam is needed.
What income of a minor is included in annual income? - ANSWER All income
except employment, unless excluded by regulations.
What is the difference in what income is included in annual income if the minor is head
or spouse? - ANSWER All income of head or spouse is included in annual income,
unless excluded by regulations.
Does annual income include employment income before or after taxes are taken out?
- ANSWER before
When an individual receives Social Security benefits, does annual income include
the amount with or without Medicare premiums? - ANSWER The amount should
have Medicare added in when computing annual income.
If Social Security benefits are reduced to make up for a prior overpayment by Social
Security, what amount is included in annual income? - ANSWER Amount they
would have received without reduction
If a family receives foster child care payments, is it included in annual income?
- ANSWER No
, What is the income calculation formula when the family's total assets are less than or
equal to $5,000? - ANSWER Use actual income from assets.
What is the income calculation formula when the family's total assets are greater
than $5,000? - ANSWER Use the greater of actual income or imputed asset income.
How is imputed income from assets calculated? - ANSWER Cash value of asset *
passbook rate
When a family is sanctioned by the welfare department, what are the two reasons
to include imputed welfare income in annual income? - ANSWER Did not follow
stipulations of welfare receipt or defrauded welfare
If a person is temporarily absent, what income is included in annual income? -
ANSWER All
What is included in annual income if a spouse is in the military and stationed out of
the home? - ANSWER All pay except special pay for exposure to hostile fire
How do you treat income received from persons outside the household? - ANSWER
Include regular, not sporadic, contributions in annual income
If a person is receiving alimony or child support payments on an irregular basis, what is
included in annual income? - ANSWER PHA may include amounts awarded unless
applicant/participant certifies that the entire amount is not provided and has filed
with agency responsible for enforcing payment
What expenses may be deducted from income from a business? - ANSWER Straight-line
depreciation, interest, and all other operating expenses
100% Complete Solutions
Describe the two methods for annualizing seasonal income - ANSWER Method 1:
Annualize current income and conduct an interim reexam when income changes.
Method 2: Calculate anticipated income from all known sources for the entire year.
No interim reexam is needed.
What income of a minor is included in annual income? - ANSWER All income
except employment, unless excluded by regulations.
What is the difference in what income is included in annual income if the minor is head
or spouse? - ANSWER All income of head or spouse is included in annual income,
unless excluded by regulations.
Does annual income include employment income before or after taxes are taken out?
- ANSWER before
When an individual receives Social Security benefits, does annual income include
the amount with or without Medicare premiums? - ANSWER The amount should
have Medicare added in when computing annual income.
If Social Security benefits are reduced to make up for a prior overpayment by Social
Security, what amount is included in annual income? - ANSWER Amount they
would have received without reduction
If a family receives foster child care payments, is it included in annual income?
- ANSWER No
, What is the income calculation formula when the family's total assets are less than or
equal to $5,000? - ANSWER Use actual income from assets.
What is the income calculation formula when the family's total assets are greater
than $5,000? - ANSWER Use the greater of actual income or imputed asset income.
How is imputed income from assets calculated? - ANSWER Cash value of asset *
passbook rate
When a family is sanctioned by the welfare department, what are the two reasons
to include imputed welfare income in annual income? - ANSWER Did not follow
stipulations of welfare receipt or defrauded welfare
If a person is temporarily absent, what income is included in annual income? -
ANSWER All
What is included in annual income if a spouse is in the military and stationed out of
the home? - ANSWER All pay except special pay for exposure to hostile fire
How do you treat income received from persons outside the household? - ANSWER
Include regular, not sporadic, contributions in annual income
If a person is receiving alimony or child support payments on an irregular basis, what is
included in annual income? - ANSWER PHA may include amounts awarded unless
applicant/participant certifies that the entire amount is not provided and has filed
with agency responsible for enforcing payment
What expenses may be deducted from income from a business? - ANSWER Straight-line
depreciation, interest, and all other operating expenses
