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factors to consider if purely from tax perspective:5 g- o3 w, u7 B2 ]+ H1 ?3 b7 O
. U/ R" ]' F: u# p5 _
total additional income T9 a/ g6 x4 M, i. `
total taxes paid (assume it's not a cash job). e' A' _+ c* W
total tax credit transferrable to working spouse; U/ b. t) I3 b5 A
total tax credit for child day care
0 w5 a" X# {, }$ Ltotal day care cost
8 U& q% d9 ^; |% z- i$ |% o
' r4 A, Z* V# `, {! |8 ]so the formula is:
4 I; P6 {8 J X, [' V
. b/ @7 \/ j! O) [- rtotal 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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