factors to consider if purely from tax perspective: 2 H4 j- ~; B. L; ~, z! b& s2 E+ V A8 L# g" |+ F. a+ _
total additional income 4 M1 c7 |4 @; e( c9 T/ L: Ntotal taxes paid (assume it's not a cash job)2 g% c: D0 }1 v, t" l! @
total tax credit transferrable to working spouse 9 X* r$ G! K! Wtotal tax credit for child day care# k% y6 ^. q4 w7 U. N6 M+ D
total day care cost3 h" P& |! R8 @9 q; ]5 B1 m( k
* t! g0 g7 }9 Z" ]3 N2 G2 {
so the formula is: 7 C% X$ f; X6 x& l9 S3 e9 w) |" Z T) K
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.