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What percentage of your income goes toward childcare? (for WOHMs) - Page 2

post #21 of 30
I pay a nanny about $250 a week. After taxes, i bring home about $350 a week. hardly seems worth it. But in 6 months or so, we'll probably look at a group care situation, and then it will cost less. At least dd loves her nanny!

Hey teach ma--do you work for SFUSD? Mty dp does and I'm wondering if we could do childcare pre-tax like you do.
post #22 of 30
Originally posted by Chelly2003
Depends on your place of work too - my work will only allow $1500 for dep. care, and $2500 for medical. I wish it was the other way round.....
Then I just opted out actually because our HR lady said that we can't use it if DS is LEARNING anything at day care (?) he's 3 1/2 of course he is learning....... I was very confused to say the least - so I opted out.

The dependent care account is federally mandated so your company should not be able to put any secondary limits on the account. It won't cover any schooling (public/private/montessori etc.) or "kindergartens" even if they are in a daycare center. So maybe that is where you company is getting the no learning thing???

If it is worth it you might want to pursue it. Here is the general wording:

"The Dependent Care Spending Account can be used to reimburse yourself for certain dependent child and/or dependent adult care expenses, which allow you and your spouse to work.

DAY CARE ELIGIBLE EXPENSES: In general, the following rules apply to day care expenses:
No participant shall be allowed to defer more than $5,000, if married filing jointly, or
$2,500 if married filing separately. The maximum that can be deferred under this program shall be the lesser of $5,000 or the earned income of the participant's spouse. The expenses must be employment related expenses for the care of a dependent of the
employee who’s entitled to a dependent deduction under the Internal Revenue Code section 151(e) or a dependent who is physically or mentally incapable of caring for himself or herself.
Payments cannot be made to a person who is claimed as a dependent by the employee. If the services are provided by a day care center which provides care for more than six individuals, the center must comply with state and local laws."
post #23 of 30
WOW - you know your stuff, thank you - I wonder why my work is putting a limit on the amount like that.
I pay $163 per week for daycare and can only claim $57 - kinda stupid..... well I cna't claim now, cause I opted out.

Thanks for all the info!!
post #24 of 30
Oncewerewise - don't forget you can write that $10,000 off on your taxes! I write off $7500 and usually get a big tax refund. If you do arrange for a helper for your sister I think it would really be worth while to do it properly and pay her as an employee (rather than under the table) so you can get the tax write off. Maybe you can even "pay" your sister . . . I'm not sure but she might have to be a registered caregiver or something. Anyway, it's worth looking into.
post #25 of 30
About 12.5% of my gross pay goes to daycare.
post #26 of 30
Oh the BRIGHT side, I'm preg again!! Come December I'll be paying for two children, a nice neat sum of $1700 per month.....

MORE THAN HALF I EARN!!!!! (Like 70%)

I got to figure out SOMETHING.............

post #27 of 30
Congrats Chelly!!

I hope you work something out!!
post #28 of 30
I pay about 70% of my income for childcare (of course it's a smaller percentage if you include DP's income). I have infant twins in a child care center at the campus where I work part-time, and we've decided that a 7-8 hour day is stressful for them so I'm working 4 5-hour days, but we have to pay for a full day for all of those days. In fact, I am paying for an extra hour per day so I can get a 5% sibling discount, which actually saves a couple of hundred dollars. It's crazy. I think about quitting ALL the time. However, this is a really great, totally flexible job and it pays well. It's very hard to find good jobs in this area and this is where we want to stay, so I don't want to give this job up. So tempted, though! It's definitely the right thing to do in the long term, it's just living with it in the short term that's hard. And turning my check over to the daycare center every month doesn't help!

post #29 of 30
I pay $240 a week for 24 hours a week (3 days, 8 hours each). I pull in about 1000 a week or so. So 25%. I pay for nanny out of my earnings, so even though my husband earns a lot more for me, he pays for just about everything else.

I live in NYC....and it's expensive here for EVERYTHING. AAAAH!!!!
post #30 of 30
We pay about 20% of our income in in-home childcare
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