(1) On January 1, 2020, Mango Corporation hires seven individuals who are certified to be members of the "regular" WOTC qualifying targeted group. Each employee worked 195 hours in 2020 and each employee was paid wages of $7,500 during the year. How much of a Work Opportunity Tax Credit (WOTC) can Mango Corporation claim for 2020?

(2) Chromecast Incorporated's general business credit for the current year is $45,000. Chromecast's net income tax for the year is $90,000 and its net regular tax liability is also $90,000. Chromecast generates no other tax credits for the year. Ignoring any impacts of any potential tentative minimum tax, how much, if any, general business credits will be allowed for the year?

(3) On January 1, 2020, Qbert Corporation hires seven individuals who were all certified to be members of the "long-term recipients of family assistance welfare benefits" WOTC qualifying targeted group. Each employee worked 500 hours in 2020 and each employee was paid wages of $12,000 during 2020. In the following year (2021), only 3 of these employees above continued to work for Qbert Corporation, and each of these 3 employees worked 500 hours in 2021 and each employee was paid wages of $12,000 during 2020. How much of a Work Opportunity Tax Credit (WOTC) can QBert Corporation claim for 2021?

(4) Buck Rogers Incorporated incurs the following research expenditures in the U.S. for the year:

In-house wages $66,600

In-house supplies 6,660

Paid to Super Research, Inc., (an outside company) for research work 93,240

What is Buck Rogers' amount of qualified research expenditures for the tax year (not the amount of the credit)?

Answer rating: 100% (QA)

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