diff --git a/src/__tests__/auto-cleanup-skip.js b/src/__tests__/auto-cleanup-skip.test.js
similarity index 94%
rename from src/__tests__/auto-cleanup-skip.js
rename to src/__tests__/auto-cleanup-skip.test.js
index eece886ab..168ce2814 100644
--- a/src/__tests__/auto-cleanup-skip.js
+++ b/src/__tests__/auto-cleanup-skip.test.js
@@ -4,8 +4,8 @@ import { View } from 'react-native';
 let render;
 beforeAll(() => {
   process.env.RNTL_SKIP_AUTO_CLEANUP = 'true';
-  const rtl = require('../');
-  render = rtl.render;
+  const rntl = require('..');
+  render = rntl.render;
 });
 
 let isMounted = false;
diff --git a/src/__tests__/auto-cleanup.js b/src/__tests__/auto-cleanup.test.js
similarity index 68%
rename from src/__tests__/auto-cleanup.js
rename to src/__tests__/auto-cleanup.test.js
index 5a26d7c8f..04c7eb5d5 100644
--- a/src/__tests__/auto-cleanup.js
+++ b/src/__tests__/auto-cleanup.test.js
@@ -20,14 +20,31 @@ class Test extends React.Component<*> {
   }
 }
 
+afterEach(() => {
+  jest.useRealTimers();
+});
+
 // This just verifies that by importing RNTL in an environment which supports afterEach (like jest)
 // we'll get automatic cleanup between tests.
 test('component is mounted, but not umounted before test ends', () => {
   const fn = jest.fn();
   render(<Test onUnmount={fn} />);
+  expect(isMounted).toEqual(true);
   expect(fn).not.toHaveBeenCalled();
 });
 
 test('component is automatically umounted after first test ends', () => {
   expect(isMounted).toEqual(false);
 });
+
+test('does not time out with legacy fake timers', () => {
+  jest.useFakeTimers('legacy');
+  render(<Test />);
+  expect(isMounted).toEqual(true);
+});
+
+test('does not time out with fake timers', () => {
+  jest.useFakeTimers('modern');
+  render(<Test />);
+  expect(isMounted).toEqual(true);
+});
diff --git a/src/__tests__/waitFor.test.js b/src/__tests__/waitFor.test.js
index e38f05c44..84ee17266 100644
--- a/src/__tests__/waitFor.test.js
+++ b/src/__tests__/waitFor.test.js
@@ -35,6 +35,10 @@ class BananaContainer extends React.Component<{}, any> {
   }
 }
 
+afterEach(() => {
+  jest.useRealTimers();
+});
+
 test('waits for element until it stops throwing', async () => {
   const { getByText, queryByText } = render(<BananaContainer />);
 
@@ -75,8 +79,8 @@ test('waits for element with custom interval', async () => {
   expect(mockFn).toHaveBeenCalledTimes(3);
 });
 
-test('works with fake timers', async () => {
-  jest.useFakeTimers();
+test('works with legacy fake timers', async () => {
+  jest.useFakeTimers('legacy');
 
   const mockFn = jest.fn(() => {
     throw Error('test');
@@ -87,9 +91,24 @@ test('works with fake timers', async () => {
   } catch (e) {
     // suppress
   }
-  jest.runTimersToTime(400);
+  jest.advanceTimersByTime(400);
 
   expect(mockFn).toHaveBeenCalledTimes(3);
+});
 
-  jest.useRealTimers();
+test('works with fake timers', async () => {
+  jest.useFakeTimers('modern');
+
+  const mockFn = jest.fn(() => {
+    throw Error('test');
+  });
+
+  try {
+    waitFor(() => mockFn(), { timeout: 400, interval: 200 });
+  } catch (e) {
+    // suppress
+  }
+  jest.advanceTimersByTime(400);
+
+  expect(mockFn).toHaveBeenCalledTimes(3);
 });
diff --git a/src/__tests__/waitForElementToBeRemoved.test.js b/src/__tests__/waitForElementToBeRemoved.test.js
index d2fc12091..ad5add433 100644
--- a/src/__tests__/waitForElementToBeRemoved.test.js
+++ b/src/__tests__/waitForElementToBeRemoved.test.js
@@ -25,6 +25,10 @@ const TestSetup = ({ shouldUseDelay = true }) => {
   );
 };
 
+afterEach(() => {
+  jest.useRealTimers();
+});
+
 test('waits when using getBy query', async () => {
   const screen = render(<TestSetup />);
 
@@ -126,8 +130,22 @@ test('waits with custom interval', async () => {
   expect(mockFn).toHaveBeenCalledTimes(4);
 });
 
+test('works with legacy fake timers', async () => {
+  jest.useFakeTimers('legacy');
+
+  const mockFn = jest.fn(() => <View />);
+
+  waitForElementToBeRemoved(() => mockFn(), {
+    timeout: 400,
+    interval: 200,
+  });
+
+  jest.advanceTimersByTime(400);
+  expect(mockFn).toHaveBeenCalledTimes(4);
+});
+
 test('works with fake timers', async () => {
-  jest.useFakeTimers();
+  jest.useFakeTimers('modern');
 
   const mockFn = jest.fn(() => <View />);
 
diff --git a/src/flushMicroTasks.js b/src/flushMicroTasks.js
index c4bb67903..5a5a0153d 100644
--- a/src/flushMicroTasks.js
+++ b/src/flushMicroTasks.js
@@ -1,15 +1,22 @@
 // @flow
-
 import { printDeprecationWarning } from './helpers/errors';
 
+type Thenable<T> = { then: (() => T) => mixed };
+
 /**
  * Wait for microtasks queue to flush
  */
-export default function flushMicrotasksQueue(): Promise<any> {
+export default function flushMicrotasksQueue<T>(): Thenable<T> {
   printDeprecationWarning('flushMicrotasksQueue');
   return flushMicroTasks();
 }
 
-export function flushMicroTasks(): Promise<any> {
-  return new Promise((resolve) => setImmediate(resolve));
+export function flushMicroTasks<T>(): Thenable<T> {
+  return {
+    // using "thenable" instead of a Promise, because otherwise it breaks when
+    // using "modern" fake timers
+    then(resolve) {
+      setImmediate(resolve);
+    },
+  };
 }