factors to consider if purely from tax perspective: ! @8 p' o9 C9 L; H+ {; M7 i+ K3 f0 c( _' r7 C8 P4 D" b/ I
total additional income 3 e9 G. v( E4 r5 _ c' P6 r
total taxes paid (assume it's not a cash job)8 i1 [0 A. v/ [. P
total tax credit transferrable to working spouse 9 k% f1 U, E- b5 }! }total tax credit for child day care$ s2 J) m% Z1 l& i) H% b
total day care cost0 K: E; h# Y) p) Y" x0 L
5 S. L: {- n9 r j+ [* I4 D ~0 `/ E0 ]
so the formula is:3 }4 U) |( F+ |. Y7 H% T' _4 k8 |, ]
+ A5 o$ T9 B- b, d6 S
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.