Erin is a fourth-year mechanical engineering major who has served in a wide variety of leadership roles, including president of the Society of Women Engineers at UF. She also initiated the first-ever 3D printing outreach day and co-authored a paper published by the American Society for Engineering Education.
The Social Security Administration has announced the 2017 Social Security benefit amounts, and the maximum withholding change for 2017. The maximum taxable earnings for Social Security withholding for 2017 are $127,200. This maximum is up from $118,500 for 2016 and 2015. Medicare withholding has no maximum. The maximum withholding amount is adjusted each year by a formula based on cost of living increases.
Most American workers are entitled to receive a monthly Social Security retirement benefit by age 62. The average monthly Social Security check in 2015 is $1,328. But how does the government figure out how much each worker should receive? The key to calculating someoneâs Social Security benefit is to first figure out their Primary Insurance Amount (PIA). The PIA is the baseline amount for your Social Security benefits. The amount of your benefit depends on many factors, including how long you worked, your income and how old you are when you retire.