factors to consider if purely from tax perspective: + `4 Z: t8 Q9 r! `# m* Z1 {4 J % g/ j6 f6 q) q$ Y0 z) y, ?total additional income ) s) H( w4 z9 }
total taxes paid (assume it's not a cash job)3 f* b2 c1 @7 ?- k- W
total tax credit transferrable to working spouse 8 d" n8 Y% J$ y* mtotal tax credit for child day care ( F! E, @& M7 V$ N0 f. ntotal day care cost7 c, s5 p$ S I
" { g& L2 s& t9 x; q
so the formula is:4 {( G: G$ K" {4 B( b
& m: P: W% ?. gtotal 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.