For families living in Central New York, the cost of child care can be a major financial burden. Data from the New York University office shows that the rate of child care in this region is among the highest in the state, rivaling counties such as Monroe, Ontario and Tompkins. Senator Kirsten Gillibrand has highlighted the importance of providing affordable child care for families in order to maintain the middle class. The cost of child care varies depending on the type of care needed and the age of the child.
For infants and toddlers, the cost is typically higher than for older children. In Central New York, the average cost for full-time infant care is $1,092 per month, while full-time care for a four-year-old costs an average of $845 per month. These costs can be even higher in urban areas such as Syracuse and Rochester. Fortunately, there are several options available to help families offset these costs.
The New York State Office of Children and Family Services provides subsidies to eligible families to help cover the cost of child care. The amount of subsidy available depends on a family's income and other factors. Additionally, some employers offer child care benefits to their employees. Families can also take advantage of tax credits to help offset the cost of child care.
The federal Child and Dependent Care Tax Credit allows families to claim up to 35% of their eligible expenses for child care. Additionally, New York State offers a tax credit for families with children under four years old who are enrolled in a licensed daycare program. For families living in Central New York, finding affordable child care can be a challenge. However, with subsidies, tax credits and employer benefits, there are options available to help offset the cost. By taking advantage of these resources, families can ensure that their children receive quality care while still being able to manage their finances.
Subsidies: A Financial Lifeline for FamiliesThe New York State Office of Children and Family Services provides subsidies to eligible families to help cover the cost of child care.
These subsidies are an invaluable resource for many families who would otherwise struggle to afford quality child care. The amount of subsidy available depends on a family's income and other factors such as the number of children in their household. In order to qualify for a subsidy, families must meet certain criteria set by the state. These criteria include income limits, residency requirements and other factors. Families must also provide proof that they are using a licensed daycare provider or other approved provider.
Employer Benefits: A Valuable ResourceMany employers offer child care benefits to their employees as part of their benefits package.
These benefits can include discounts on daycare services or reimbursement for childcare expenses. Employers may also offer flexible spending accounts or dependent care accounts that allow employees to set aside pre-tax dollars for childcare expenses. Employer benefits can be an invaluable resource for families who need help paying for childcare expenses. It is important for families to check with their employer to see what types of benefits are available.