Rent CALCULATION WORKBOOK RENT CALCULATION WORKBOOK This workbook contains practice problems to accompany

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  • RENT CALCULATION WORKBOOK

    This workbook contains practice problems to accompany various subject covered in the CVR Rent Calculation Training.

    Westchester, NY

  • Rent Calculation Workbook

    Page | 1

    Contents Part I: Beginners .................................................................................................... 3

    Practice 1.1: Bunny Slope ................................................................................... 3

    Practice 1.2: Warming Up .................................................................................. 4

    Practice 1.3: Training Wheels ............................................................................ 5

    Practice 1.4: Completing the 50058 ................................................................... 6

    Part II: Deductions & Allowable Expenses ........................................................... 11

    Practice 2.1: Allowable Expenses ..................................................................... 11

    Practice 2.2: Disability Assistance Expense ....................................................... 14

    Practice 2.3: Disability Assistance Expense ...................................................... 15

    Practice 2.4: Disability Assistance Allowance ................................................... 16

    Practice 2.5: Medical Expense ......................................................................... 18

    Practice 2.6 - Medical Expenses ........................................................................ 19

    Practice 2.7: Disability Assistance / Medical Allowance ................................... 21

    Practice 2.8: Disability Assistance / Medical Allowance .................................... 23

    Practice 2.9: Disability Assistance / Medical Allowance ................................... 25

    Practice 2.10: Disability Assistance / Medical Allowance ................................. 27

    Practice 2.11: Disability Assistance / Medical Allowance ................................. 29

    Practice 2.12: Disability Assistance / Medical Allowance .................................. 31

    Practice 2.13: Disability Assistance / Child Care Expenses ................................ 32

    Practice 2.14: Dependent and Child Care Allowance ....................................... 35

    Part III: Some Asset Issues ................................................................................... 37

    Practice 3.1: Easy Asset Goes ........................................................................... 37

    Practice 3.2: Annuity Could Do It ...................................................................... 37

    Practice 3.3: Retirement Account ..................................................................... 38

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    Part IV: Different Flavors of Annual Income ........................................................ 39

    Practice 4.1: Annual Income (Unearned) EIV Social Security ............................ 39

    Practice 4.2: Annual Income (Unearned) Award Letter Social Security ............ 43

    Practice 4.3: Annual Income (Unearned Income) Award Letter Social Security with Overpayment ............................................................................................ 46

    Practice 4.4: Annual Income (Unearned Income) Child Support ...................... 54

    Practice 4.5: Annual Income (Unearned Income) Social Security Income with Medical Expense ............................................................................................... 60

    Practice 4.6: Annual Income (Earned Income) Child Care Payments ................ 64

    Practice 4.7: Annual Income (Earned Income) Check stubs ............................. 68

    Practice 4.8: Annual Income (Earned Income) The Work Number ................... 77

    Practice 4.9: Annual Income (Unearned Income) Social Security with COLA & Overpayment.................................................................................................... 82

    Practice 4.10: Annual Income (Unearned Income) Unemployment Income .... 83

    Part V: Grad School ............................................................................................. 84

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    Part I: Beginners

    Practice 1.1: Bunny Slope

    1. Ms. Pierce receives a total of $600 TANF benefits per month for herself and her two children.

    Annual Income: ________ Monthly Income: __________

    2. Mr. Anderson receives a gross wage of $300 bi-weekly.

    Annual Income: _________ Monthly Income: __________

    3. Ms. Flowers (age 42) has 3 children (ages 12, 8 and 4). She receives $200

    per week from her mother since she has no other income and does not want to apply for Welfare.

    Annual Income: ________ Monthly Income: __________

    4. Mr. Bernhart earns $410 semi-monthly from his job as a sales clerk.

    Annual Income: _________ Monthly Income: __________

    5. Mrs. Stinson works as a teacher's assistant 40 hours per week earning

    $6.00 per hour.

    Annual Income: _______ Monthly Income: __________

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    Practice 1.2: Warming Up ANTICIPATING INCOME

    Use current circumstances to anticipate income. Project for a full 12 months, even if income is not expected to continue, unless verification forms indicate an imminent change, or income is unique (such as seasonal workers).

    EXAMPLE OF IMMINENT CHANGE EXPECTED

    Employer reports a full-time (40 hrs.) employee, receiving $6.00 per hour, will receive this for seven weeks

    In the eighth week, after the effective date of the recertification, the employee will begin to receive $6.25 per hour

    How is annual income calculated?

    ANNUAL INCOME

    It is September, and the Housing Specialist gathering information for Julia’s annual recertification, which is effective December 1. The Housing Specialist has verified that Julia currently earns $250 semi-monthly, but will be receiving a 3% increase effective February1.

    What is Julia’s annual income?

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    Practice 1.3: Training Wheels

    Family Name: Sorenson

    Head: Wages $7.25 per hr (40 hrs/wk)

    Spouse: Social Security $650 per month Annual Income ___________ Family Name: O'Neil Head: Child Support $300 semi-monthly Head: Unemployment $160 weekly Annual Income ___________ Family Name: Pickett Head: Pension $500 monthly

    F/T Student, 20: Wages $10.00 per hr (25 hrs/wk) Annual Income ___________

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    Practice 1.4: Completing the 50058 Don Whitfield works full-time (40 hrs.) as a mailroom clerk; he makes $11.50 per hour. His wife, Valerie Whitfield is a child care provider for two children; she earns $100 per week for each child. TASK Calculate the total household income by completing section 7 (7a through 7i) of the 50058 form.

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    Practice 1.5: Imputed Welfare Income

     Jean August and her three children currently receive TANF benefits. They do not have any other sources of income. The welfare agency has notified you that Ms. August’s benefits are being reduced because of fraud. Ms. August’s regular TANF amount is $650 per month. Her TANF is being reduced to $350 per month, and the reduction is expected to last for the next 12 months. She continues to receive the reduced TANF benefits for $300 each month.

     Using Section 7 of the 50058s on the following page calculate the August family’s total annual income (lines 7a through 7i) using the scenarios below.

    - Scenario 1: Calculate the imputed income and total income

    for family.

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    Scenario 2: At the next annual, Ms. August now begins to receive $150 per month in child support. She continues to receive the $350 per month in TANF. The welfare sanction reducing her TANF benefit from $650 a month to $350 a month is still in place. Calculate the imputed welfare income and total annual income on part 7 of the form HUD 50058.

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    Scenario 3: It is now six months later. Ms. August has a new job at which she earns $500 monthly. She continues to receive the $150 a month in child support. The welfare sanction reducing her TANF from $650 a month to $350 a month is still in place. Calculate the imputed welfare and total annual on part 7 of the form HUD 50058.

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    Part II: Deductions & Allowable Expenses

    Practice 2.1: Allowable Expenses

    1. Gloria Estefan Annual Income: ________ Annual Expense: ________ Adjusted Annual Income: ________

    2. Demi Moore Annual Medical Expense: ________

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