MARRIAGE & FAMILY
- Should my spouse enter the work force? This can be a very complicated decision. The most recent government data show the average cost for full-time day care is $12,000 per year. That’s for one child, So it’s easy to see how overwhelming it could be to pay for full-time day care when you have a family of three or more. After factoring in the cost of child care, transportation costs, a higher income tax rate, and other costs (lunch, dry cleaning, work clothes, etc.), sometimes it may make sense for one parent to stay home. In addition to this calculator, there are many other factors to keep in mind.
- Should I marry my partner (does it make sense tax-wise)? A couple pays a “marriage penalty” if the partners pay more income tax as a married couple than they would pay as unmarried individuals. Conversely, the couple receives a “marriage bonus” if its partners pay less income tax as a married couple than they would pay as unmarried individuals. This calculator lets you create specific situations to see whether a married couple would pay a tax penalty or receive a tax bonus.
COLLEGE & FINANCIAL AID