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.
These examples show how the rules would affect you: Letâs say that you file for Social Security benefits at age 62 in January 2015 and your payment will be $600 per month ($7,200 for the year). During 2015, you plan to work and earn $20,800 ($5,080 above the $15,720 limit).