Should My Spouse Enter The Work Force?

A working spouse can provide additional needed household income. However, when making your decision, you need to look at the net income generated by a working spouse not simply the gross income. Factors such as health insurance savings, increased daycare expenses, additional transporation costs, etc. need to be considered. Use this calculator to help determine the potential additional take-home pay.

Current Monthly Expenses
Daytime child care (if applicable)
Life insurance premiums
Medical insurance premiums
Monthly Salary and Benefts
Potential gross monthly income
Proposed 401(k) plan contribution: (% of salary)
Employer match: (%)
Maximum employer match: (%)
Life insurance premiums you will pay
Medical insurance premiums you will pay
Monthly Work-Related Expenses
Business entertaining
Child care
Clothing
Housekeeping
Meals
Transportation
Income Tax Information
Federal marginal tax bracket: (%)
State marginal income tax bracket: (%)
Would earnings be 'self-employment' income?

This information may help you analyze your financial planning needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. This service shall not infer that company assumes any fiduciary duties. In addition, such service should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.