For 2020, the limit is 8537.40 ... Per Person. For any SS taxes withheld in each person's W-2 forms...respectively. It usually only happens to exceed that if a person has 2 high paying jobs where box 3 is 137,700 or less on each, but whose total for the two is greater than 137,700.
for 2021, it will be 8853.60
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The amount paid can be higher if a person is self-employed, because a self-employed person has to pay both halves of the SS 6.2% of the ~net income (with some minor fudging)....ie approx 2x6.2% = 12.4% for SS.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
