factors to consider if purely from tax perspective: 2 o" N3 T6 z6 a& Q. D9 ^& S) r( u% }3 Z- ^: X* w
total additional income 8 F1 r8 u ]8 u3 p* D8 y: i( i
total taxes paid (assume it's not a cash job)7 i- O2 l& @, Q/ k+ k4 r- \
total tax credit transferrable to working spouse 9 g; Q+ C) m" B' M" o ctotal tax credit for child day care ) S) P# \- m' t; [, ?total day care cost - z6 ], j# j5 `3 n5 d' b: _ 2 I, |. q2 {% hso the formula is:9 f4 ~* s |4 V( `
* r" U/ R' C2 }1 T. U- e) P8 s' F0 U
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.