factors to consider if purely from tax perspective: 9 ~: d9 r& y5 ` n 1 D* F; e( v: `, V4 J* M/ ntotal additional income & a* C1 y4 w, ]8 Z0 w2 w
total taxes paid (assume it's not a cash job); S& v4 g% e' K, ^* f: `
total tax credit transferrable to working spouse- S; h/ T2 ?: L: B: G& p
total tax credit for child day care! e) v9 _" ~" j+ R. f2 I
total day care cost; x) h. T! D1 ^$ S% m; V8 L8 |
% a' _; n. b' {. c5 r& j! P& jso the formula is: 6 p; C {) A( d& \) V ) }( n/ @3 ?0 Y) Ltotal 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.