factors to consider if purely from tax perspective: - y, P4 L0 a( L1 ^% }# q" i# t7 z% I$ C% L. H: \2 S
total additional income ( R' D2 g& z/ T5 E: [( Jtotal taxes paid (assume it's not a cash job) 8 c" ]) N8 [3 d8 _total tax credit transferrable to working spouse , S. i$ w! M0 x6 atotal tax credit for child day care ; Q7 C8 Y1 N B+ u& b4 W. btotal day care cost 5 L7 k- ^8 G- L( ]5 N $ z. u, J, _; F- ^so the formula is:# V) j7 [ c" ]- c c a
4 L8 }+ t/ M3 y' V+ vtotal additional income - total tax paid - total transferrable tax credit to working spouse (this can be claimed if one of the spouses has 0 or very little annual income) - total child day care tax credit =/</> total cost of day care.