Rent Calculation Exam Questions with
100% Complete Solutions
A tenant receiving Social Security has a Medicare deduction. Where will we account
for this deduction in the calculation process? - ANSWER Calculate the income using the
gross amount, then include the deduction as a medical expense.
Any distribution of periodic payments received from any account under a retirement
plan recognized as such by the IRS, including individual retirement arrangements (IRAs),
employer retirement plans, and retirement plans for self-employed individuals is
included in annual income at the time it is received by the family. (True/False) - ANSWER
True
A tenant is entitled to receive 300 a month in child support, but the PHA has verified
that the tenant only actually receives 150 a month. Which amount should we include
in the calculation? - ANSWER 150.
Annual income includes "all amounts received," not the amount that a family may be
legally entitled to receive but which they do not receive.
Is worker's compensation (included/excluded) from annual income? - ANSWER
Any workers' compensation is always excluded from annual income, regardless of
the frequency or length of the payments.
Are nonmonetary in-kind donations, such as food or toiletries, received from a
food bank or similar organization (included/excluded) from annual income? -
ANSWER Excluded.
When calculating annual income, PHAs are prohibited from assigning monetary value
to nonmonetary in-kind donations received by the family.
, Nonrecurring, nonmonetary in-kind donations from friends and family may be
excluded as nonrecurring income.
A welfare agency has imposed sanctions for noncompliance with self-sufficiency
requirements or fraud on a tenant. The actual income received by the tenant decreases
as a result of these sanctions.
Should the PHA process an interim as a result of this decrease? - ANSWER No.
The PHA may not reduce the family rent contribution due to sanctions imposed by
the welfare agency for noncompliance with welfare self-sufficiency requirements, or
because of fraud relating to the welfare program.
Should the PHA (include/exclude) income received under a resident service
stipend (provided they do not exceed 200 per month)? - ANSWER Exclude.
If the individual receives an amount that exceeds $200 per month, the PHA must
include the entire amount in annual income.
- The individual cannot receive more than one such stipend at a time.
Should the PHA (include/exclude) adoption assistance payments for a child in excess
of the amount of the dependent deduction? - ANSWER Exclude.
Note, the dependent deduction will be adjusted annually for inflation.
All assets are categorized as either real property or _______ property. - ANSWER
personal
100% Complete Solutions
A tenant receiving Social Security has a Medicare deduction. Where will we account
for this deduction in the calculation process? - ANSWER Calculate the income using the
gross amount, then include the deduction as a medical expense.
Any distribution of periodic payments received from any account under a retirement
plan recognized as such by the IRS, including individual retirement arrangements (IRAs),
employer retirement plans, and retirement plans for self-employed individuals is
included in annual income at the time it is received by the family. (True/False) - ANSWER
True
A tenant is entitled to receive 300 a month in child support, but the PHA has verified
that the tenant only actually receives 150 a month. Which amount should we include
in the calculation? - ANSWER 150.
Annual income includes "all amounts received," not the amount that a family may be
legally entitled to receive but which they do not receive.
Is worker's compensation (included/excluded) from annual income? - ANSWER
Any workers' compensation is always excluded from annual income, regardless of
the frequency or length of the payments.
Are nonmonetary in-kind donations, such as food or toiletries, received from a
food bank or similar organization (included/excluded) from annual income? -
ANSWER Excluded.
When calculating annual income, PHAs are prohibited from assigning monetary value
to nonmonetary in-kind donations received by the family.
, Nonrecurring, nonmonetary in-kind donations from friends and family may be
excluded as nonrecurring income.
A welfare agency has imposed sanctions for noncompliance with self-sufficiency
requirements or fraud on a tenant. The actual income received by the tenant decreases
as a result of these sanctions.
Should the PHA process an interim as a result of this decrease? - ANSWER No.
The PHA may not reduce the family rent contribution due to sanctions imposed by
the welfare agency for noncompliance with welfare self-sufficiency requirements, or
because of fraud relating to the welfare program.
Should the PHA (include/exclude) income received under a resident service
stipend (provided they do not exceed 200 per month)? - ANSWER Exclude.
If the individual receives an amount that exceeds $200 per month, the PHA must
include the entire amount in annual income.
- The individual cannot receive more than one such stipend at a time.
Should the PHA (include/exclude) adoption assistance payments for a child in excess
of the amount of the dependent deduction? - ANSWER Exclude.
Note, the dependent deduction will be adjusted annually for inflation.
All assets are categorized as either real property or _______ property. - ANSWER
personal
