I got my paycheck stub today and while I have one more pay period before the end of the year, I couldn’t help but notice that when I add up Federal Income Tax, Social Security, and Medicare taxes, it tallies up to a whopping $45,000.  This is just the tax on my paycheck, there are all sorts of other taxes and fees I’ve paid throughout the year and it’s painful to see so much money go down the drain.

Of course, this doesn’t include my wife’s income either which is another huge chunk of money but that’s not even the worse part!   The worst part is that I will have mandatory stock exercises starting in 2015 which will only make the tax situation far worse.

The key of course is to tax plan this year and next and it doesn’t help that I’ve got a kid that will be starting college soon and will need financial aid.  So far, things are not shaping up too well and I’ll hopefully write about some strategies in the near future.