I'm not exactly sure how to go about calculating this problem.
I'm a Canadian (Alberta) working in a ministry position at a church. My credentials qualify me for clergy housing, and I make just shy of $50,000 / year.
In my spare time I develop software, and I'm looking at a career change into that field. The jobs start at around $65,000 or $70,000 per year.
At first this looks like a sizable increase except for the fact that my current "TAXABLE" income is only $33,500 since the rest is tax free under clergy housing ($16,500).
A link to our tax brackets is located here.
also please note, both jobs have full health care and retirement plans, so that doesn't really factor into the equation.
So to recap.
I currently earn $50,000/year with only $33,500 of it being taxable
I'm considering a new job of between $65,000 and $70,000 / year with all of it being taxable
Is this a smart career move from a financial standpoint?
all other aspects will be decided upon outside the realm of this question