factors to consider if purely from tax perspective:: D2 k6 m. P7 Y! Y( |
" t. q) K( e+ r) Q2 `0 r4 a
total additional income , _8 P H* j+ {2 G3 B A+ _
total taxes paid (assume it's not a cash job) & a# [. \0 C' \& } t/ n2 w5 Y3 ~+ ptotal tax credit transferrable to working spouse ' i- x3 D' @7 |; L% I# l! O, }total tax credit for child day care# R7 g3 ?" a) B- j) s- L s
total day care cost! M! V4 s. Y4 Y( B) i7 p! |% k
- d7 ]# ]0 L2 x A9 Q& y' b+ o
so the formula is:( `& D4 ^8 P8 s& |
& O/ o% v; I8 h) [
total 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.