factors to consider if purely from tax perspective: ' V) m- k) [8 C: m' E' X ( z v1 Z- O- W& {. z% Ytotal additional income 4 F B8 P; }/ h6 _( ctotal taxes paid (assume it's not a cash job) ( E- A9 v8 y# x: @4 wtotal tax credit transferrable to working spouse ; i1 P4 K3 x0 k2 @# f% Z |( Dtotal tax credit for child day care - Z, g3 N5 p# ^total day care cost$ a5 C- ]7 I6 v) P
3 I \" u& B, j/ r
so the formula is: Z" w/ e M3 J/ C+ f) u( S$ |0 g Q8 X4 w+ ~" S
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.