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1. Which of the following is INCLUDED in annual income?
2. A Family has had their welfare benefits sanctioned due to noncompliance with welfare’s economic self-sufficiency requirements. The PHA must:
3. Which of the following is included in annual income?
4. Which income of a minor is included in annual income?
5. The income of the head of household who is temporarily absent from the unit:
6. Eric Smith’s gross monthly Social Security benefit is $800 per month. However, he only receives $750 monthly because $50 is taken out to pay his Medicare premium. He has no other source of income. Calculate Eric’s annual income:
7. Joe Adams has been receiving $400 per month in TANF. He recently enrolled in a qualifying state training program. As a result, his TANF benefit ended. How much of his monthly income is included while he is enrolled in the training program?
8. In the housing choice voucher program, the earned income disallowance applies to which of the following?
9. Which of the following lump-sum payments is included in annual income?
10. Which of the following is INCLUDED in annual income?
11. Which of the following is INCLUDED in annual income?
12. Which of the following is EXCLUDED from annual income?
13. Maria just qualified for the earned income disallowance (EID). Her income before she qualified consisted of $4,800 from TANF. Now she’s working and earning $7.25 per hour, working 30 hours per week, and has no other income. How much of Maria’s annual income will be excluded?
14. To convert biweekly income to annual income, multiply by ______. To convert semimonthly income to annual income, multiply by ______.
15. The unearned income of minors is INCLUDED in annual income.
16. All regular pay, special pay (except for hostile fire pay), and allowances of an armed forces memeber are INCLUDED in annual income.
17. Periodic payments in lieu of earnings such as unemployment, workers compensation, and severance pay are INCLUDED as income.
18. When determining annual income from wages, only net wages (wages after deductions such as 401 (k) contributions) are INCLUDED.
19. A family who has lost their TANF benefits due to their time limit expiring will have their rent calculated using imputed welfare income
20. One way family may qualify for the earned income disallowance is if they experience an increase in earned income within 6 months of participating in an economic self sufficiency or job training program.
21. The income of a live-in aide is EXCLUDED from annual income.
21. The income of a live-in aide is EXCLUDED from annual income.
22. A family who has qualified for the earned income disallowance will ALWAYS have the full amount of their employment income excluded during the initial 12 month exclusion.
23. The full amount of adoption assistance payments are EXCLUDED from annual income.
Social Security lump-sum payments for deferred periodic payments for EXCLUDED from annual income.
25. Andrea Marsala has two jobs. She is a teacher for nine months of every year an works part time in the summer for three months. How would the PHA calculate Andrea’s income?
26. Karen Schultz invested $12,000 in a 401k twenty years ago. That 401k now has a balance of $50,000 and will begin paying her monthly payments of $500 next month. The PHA verifies Karen’s initial investment. How long does it have to wait to begin counting the $500 a month as income.
27. Jennifer Powelson receives Social Security of $1,000 a month. The SSA has recently reduced her benefit to $900 to make up for a precious overpayment. The PHA verifies verification that Jennifer will receive $900 a month for the next two years. What does the PHA count for Jennifer’s social security income?
28. Megan McKee is a full-time student who is 25 years old, lives independently, and has 5-year-old child. Megan receives financial aid of $10,000 a year to cover her $5,000 per year of tuition and additional expenses. How much of Megan’s financial aid is included in annual income?
29. Which of the following is NOT an asset according to HUD?
30. Shelby’s certificate of deposit (CD) has a balance of $6,500. If she cashes in the CD, she will pay an early withdrawal penalty of $415. The CD pays 2.75% interest annually. The PHA-determined passbook rate is .0075. Shelby has no other assets. What is her final asset income?
31. Melanie Samuels owned a house worth $250,000, and there was no mortgage balance. She recently sold the house to her son for $100,000. Her son paid all realtor fees and transfer costs. The PHA must:
32. Danielle Prior received $3,000 in lottery winnings. She bought a car for $2,900 and spent the remaining $100 on clothes. At her next annual reexamination, what is the total cash value of her lottery winnings that is to be treated as an asset?
33.When the cash value of the family’s assets is less than $5,000, the actual income from assets is used.
34. The cash value of a certificate of deposit is ALWAYS equal to the balance in the account.
35. The PHA- determined passbook rate is used only to determine imputed asseet income when the cash value of the family’s assets is more than $5,000.
36. To determine the cash value of an asset, start with the market value and subtract any expenses incurred to convert it to cash.
37. Personal property held as an investment is an asset according to HUD.
38. When assets are disposed of for less than market value as a result of bankruptcy, or foreclosure, they still must be counted when determining the cash value of the family’s assets.
39. An irrevocable trust that is inaccessible to the family is not an asset according to HUD.
40. The market value of an asset is what the asset is worth.
41. Costs for the care of a disabled 14-year-old family member may be deducted as a child care expense.
42. If a family qualifies for the $400 elderly/disabled deduction, for which other deduction do they also qualify?
43. Only disabled families qualify for the disability assistance expense deduction.
44. Which of the following is true regarding the child care expense deduction?
45. The PHA’s policy determines if child care expenses are reasonable.
46. If a family meets HUD’s definition of an “elderly family, ” the medical expenses for all family members, regardless of age, are eligible for the deduction.
47. Wanda Watson owes $10,000 on a medical bill. In the coming year she plans on paying off the bill at $10 per month. Assuming that Wanda qualifies for the medical expense deduction, and PHA policy allows this as a medical expense, what is Wanda’s anticipated out of pocket expense that is eligible for a deduction?
48. When child care enables a family member to work, the amount of child care expense is capped by the employment income that is included in annual income.
49. Foster children may qualify the family for the child care deduction, but do not qualify them for the dependent deduction.
50. If it’s policy in the administrative plan, the PHA may deny a medical expense deduction to a qualified family for nonprescription medication even if the medication is reommended by a doctor.
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