In May 2016,Blue Corporation hired Camilla,Jolene,and Tyrone,all of whom are certified as long-term family assistance recipients.Each employee is paid $12,000 during 2016.Camilla and Tyrone continued to work for Blue Corporation in 2017,earning $14,000 each.Blue hired no additional employees during 2017.
a.Compute Blue Corporation's work opportunity tax credits for 2016 and 2017.
b.Assume Blue Corporation pays total wages of $500,000 to its employees during 2016 and $560,000 during 2017.How much may Blue Corporation claim as a wage deduction for 2016 and 2017 if the work opportunity tax credit is claimed in both years?
Correct Answer:
Verified
a.The work opportunity tax credit for...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q89: Explain the purpose of the tax credit
Q102: Julia is 30 years old,unmarried with a
Q104: The ceiling amounts and percentages for 2016
Q104: Dabney and Nancy are married, both gainfully
Q105: Bradley has two college-age children,Clint,a freshman at
Q108: Susan generated $55,000 of net earnings from
Q109: Jack and Jill are married,have three children,and
Q111: Henry,age 68,and Wilma,age 69,are married retirees who
Q112: Rick spends $750,000 to build a qualified
Q116: Steve records a tentative general business credit
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents