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.
Social Security deems a certain monthly income as Substantial Gainful Activity (SGA). If you earn less than the SGA (for 2016, it's $1,130 per month), your monthly benefits won't be impacted. If you earn more than that amount, Social Security will give you a trial work period of nine months to see if your return to work will be permanent. After that period if up, your benefits will be terminated if you earn more than the SGA amount.