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.
If you qualify for Social Security benefits, here's how the SSA determines the amount of your monthly check. 1. Total earnings: The SSA determines the total amount you earned in the 35 years during which you made the most money, up to a maximum amount per year.The limit is adjusted for inflation -- in 1951, the limit was $3,600. In 2015, it's $118,500. If you worked fewer than 35 years, the missing years are counted as zero.otal earnings: The SSA determines the total amount you earned in the 35 years during which you made the most money, up to a maximum amount per year. The limit is adjusted for inflation -- in 1951, the limit was $3,600. In 2015, it's $118,500.