factors to consider if purely from tax perspective: t& |, ]% J L# I* b `& X1 z : t: j- f7 _. Z4 B; V( @) D3 J+ K4 htotal additional income / [+ w3 E D0 Y# Ltotal taxes paid (assume it's not a cash job) ( F7 \" V. N8 ]+ X0 d+ g3 i: e% l- \total tax credit transferrable to working spouse % _9 l( @* l$ ]7 E s' V E0 ttotal tax credit for child day care/ u8 W2 z0 b! u8 K% X6 w
total day care cost 7 H/ ]5 m' W& L. }" U 4 _4 @- H( r, O) y, Mso the formula is:* a6 J, k8 x4 }. b6 r. {
* h% Y1 }5 \/ |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.