What?? I'm 67 and started getting SS at 62 but with my PERA income I got whacked over 3000.00 Fed tax. and still do. Am I missing something?
If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.
For 2009, that limit is $14,160.
In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.
If you will reach full retirement age in 2009, the limit on your earnings for the months before full retirement age is $37,680.
(If you were born in 1943, your full retirement age is 66 years.)
Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings
Above from here: Social Security
You do have to pay taxes on your SS income. I was on SSI (disability) before I turned 65.