The Social Security wage limit for 2015 is $118,500, states the Social Security Administration. When an employee holds more than one job in a year, each employer is required to withhold Social Security taxes from the wages without considering what other employers withhold. The total withheld may exceed the limit.
If the total amount of Social Security taxes withheld exceeds the annual taxable wage limit, the employee can claim a refund of the excess amount withheld when he files his tax return with the Internal Revenue Service, notes the SSA. The SSA began collecting taxes from wages in 1937, and the original taxable wage limit was $3,000.