The Supreme Court recently ruled most of the healthcare bill constitutional and with the highest court ruling on such, we can only expect the Federal Government and IRS to proceed with the tax increases as expected. Most of tax increases are directed towards wage earners of $200,000 or more. We'll break down some of the new changes involving taxes that will start January 1, 2013:

1. Medicare Tax (Hospital Insurance Tax) is 0.9% on individual earnings in excess of $200,000 for singles and $250,000 for joint filers.

2. Unearned Income Medicare contribution tax of 3.8% on gross income from such items as interest, dividends, capital gains, annuities, royalties, and rents (not passive income) for individuals with AGI over $200,000 ($250,000 for joint filers).

3. Limit on Flexible Spending Accounts (FSA) of $2,500 per taxable year on employee salary reductions. Many employers currently cap the amount in the $2,000 to $5,000 range.

4. Itemized Deduction for Medical Expenses threshold will increase to 10% of AGI (adjusted gross income) from the current 7.5% and for those that are 65 and older the threshold for regular tax purposes will remain at 7.5% until 2017.

Click here to see tables in a PDF format

We currently wait to see how Congressional leaders will handle the the current PAYROLL tax cuts that are in affect (more specifically the Social Security tax cuts) which was enacted by our current President that is set to expire come January 1, 2013. If not extended, all wage earners will see their Social Security tax payments revert back to normal to 6.2% from the current 4.2%.

During the month of June, we had the opportunity to provide our expertise on mortgage rates and ways to save money with some reputable sources. Click the logos below to read the articles.