factors to consider if purely from tax perspective: ) q+ |! `" F( `, U( V# h5 e1 o. k; v8 K! j+ l) k7 M
total additional income " l: W7 c! J- l
total taxes paid (assume it's not a cash job) % O4 M/ M! O6 _/ Q: e% m0 G3 Htotal tax credit transferrable to working spouse; p2 u/ W1 O1 f/ I2 i
total tax credit for child day care & p1 ~" m6 p' m" N4 {6 _* q' Ntotal day care cost$ R5 W' Q& I2 p! k {* ], P( V
: T" b( f# X c' {) Z! E5 D/ vso the formula is:; G! V1 w# s& h' t! x. Y2 R8 |. H* I
+ j6 B& Z' W0 u5 i( a5 p4 ctotal 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.