factors to consider if purely from tax perspective: 5 Y# p/ i/ ~" v; A3 l2 l7 y% f; m# J$ L! W, s
total additional income 1 C& P4 S( |7 N5 m# D5 ptotal taxes paid (assume it's not a cash job), D% j3 o1 D8 A+ D6 Q
total tax credit transferrable to working spouse. O) |9 `/ Z0 }0 @# V, g* X7 b8 _3 u
total tax credit for child day care : x \+ S& k. O2 ?. ^total day care cost 3 s# {! C8 A# W/ ^8 `3 K2 Q+ N+ s; k3 \
so the formula is:8 P: d& ~3 i. d$ H! v! w* A
7 N3 R0 _* z8 _/ _* b/ Ktotal 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.