In fact, with the exemption in effect, shoppers from the suburbs and perhaps those from nearby parts of Connecticut, which has a 6.35 percent sales tax, might be enticed by a simple calculation: Shop for clothes (under $110) in New York City, and pay no sales tax. And city residents might be enticed to stay.
For example, if you're 64 years old, taking home $1,100 a month in Social Security benefits ($13,200 annually), and you earn $24,000 in wages in 2016, you can expect the SSA to reduce your 2016 annual benefit by $4,140 ($24,000 minus $15,720, then divided by $2). Your net benefit would be $9,060.
In 2013, you'll be able to earn up to $40,080 in those months without penalty. But if you earn more than that, Social Security will withhold $1 in benefits for every $3 you go over the limit. Generally speaking, if your earnings in those months are likely to exceed the limit, you'll have given Social Security an estimate of the figure the year before.