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.
How much can you earn if you turn 65 in April 2011 and you still receive Social Security? Since you were born after 1943, you won't reach full retirement age until you are 66, in April 2012. If you work while drawing Social Security benefits, you can only earn $1â¦4,160 in 2011 without incurring a reduction in benefits. For every $2.00 earned above that amount, your benefits will be reduced by $1.00, and your 2012 checks will be withheld until the overage is completely offset.