With $330k income for your and $70k income for your wife you'll likely have federal taxable income of $374,100 after the $25,900 standard deduction, or less if you itemize. That puts you in the 32% bracket, so: ($374,100-$340,100)x32% + ($340,100 - $178,150)x24% + ($178,150 - $83,550)x22% + ($83,550 - $20,550)x12% + $20,550x10% = $80,175 federal income tax.
If your wife stops working dropping income down to $330k your taxable income will be $304,100 after the standard deduction. That puts you in the 24% bracket, so: ($304,100 - $178,150)x24% + ($178,150 - $83,550)x22% + ($83,550 - $20,550)x12% + $20,550x10% = $60,655 federal income tax.
Your wife is also likely paying $70,000 x 7.65% = $5,355 of FICA tax.
So all together, you'd save $24,875 in federal income tax and FICA taxes, meaning you'd have $45,125 less take home if she stops working. Given your username I assume you live in WA without a a state income tax, but if I'm wrong that could be a factor too.
If the income numbers you provide are before deductions like 401(k) and health insurance then the tax will be less in both scenarios, but the difference will be smaller if she contributes to a 401(k).
By no longer paying FICA her social security will be lower unless she's already worked 35 years at the same or higher income after adjusting for inflation. As long as you've been or stay married for 10 years and she doesn't remarry if you get divorced she'll get at least 1/2 of your social security, so it might not make a huge difference. After 5 or so years of not working she'll no longer be eligible for social security disability payments if she becomes disabled.
I'm sure there are things I'm missing, but that's what I can think of in terms of tax or related considerations.
You might find
@MDM's
case study spreadsheet useful to plug in both scenarios with more exact numbers to see what the effect would be. It looks like it hasn't been updated for 2022 yet, but not much should change compared to 2021.
