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.
You are entitled to $800 a month in benefits. You work and earn $25,720 ($10,000 over the $15,720 limit) during the year. Your Social Security benefits would be reduced by $5,000 ($1 for every $2 you earned over the limit), but you would still receive $4,600 of your $9,600 in benefits for the year.Reach full retirement age in August 2015. You are entitled to $800 per month in benefits.You work and earn $63,000 during the year, with $44,000 of it in the 7 months from January through July. Your Social Security benefits would be reduced through July by $706 ($1 for every $3 you earned over the limit).our Social Security benefits would be reduced by $5,000 ($1 for every $2 you earned over the limit), but you would still receive $4,600 of your $9,600 in benefits for the year. Reach full retirement age in August 2015.