Yeah mom I worked overtime, but they took it all in Taxes.
I will stop here? with understanding.
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After I retired, I did some free-lance consulting. About 12 years ago, there was a limit on Senior's earnings of about $11k per year; after that your Social Security was reduced by $1 per 2$ earned -- essentially a 50% tax. By the time I paid Federal income tax, State income tax, Borough income tax, 14.2% FICA tax, and the reduction in my SS, I was keeping only about 15% of that income. Fortunately, I loved what I was doing, because that pleasure was practically my only reward.
Fortunately, things have changed for the "younger" senior generation.
Frank
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