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factors to consider if purely from tax perspective:1 R1 I: s G; H9 P4 U( F
, U/ C2 a9 l7 V& W( B9 \6 utotal additional income 4 H, [, i$ O9 L4 D$ b9 A
total taxes paid (assume it's not a cash job)) b" j; h( n) L3 @* q- s% H$ }
total tax credit transferrable to working spouse
, c, s4 J6 Z; m$ t2 P& I/ E7 @2 wtotal tax credit for child day care8 {; N9 T6 d# D1 n
total day care cost8 }' P4 q$ i# r, B v8 ^
& c, n/ z! u# p
so the formula is:
/ X' S# p$ K, e; a* L4 m/ X
9 `: d2 h! E& ]' H* Utotal 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. |
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