Total income between job and self-employment will exceed Social Security cap

Question

This is similar to another question (here)... but I'm not sure if the answer is the same.
I work in the oilfield and I mine cryptocurrency. Because of the current crypto bull cycle the income from each is roughly the same in 2021 to-date. Combined, it will be far exceed the cap.
I was stressing to create an LLC with an S-corp tax election to limit my tax liability. But if my SE Tax will be limited due to exceeding the cap I don't believe I have to concern myself with the LLC this year.
Is this addressed in the 1040 schedules, or would I have to pay in and then file Form 843?

user102008 · Accepted Answer

Self-Employment Tax (like FICA tax) consists of Social Security tax and Medicare tax. The Social Security tax part of it is capped (for 2020 at $137,700) along with the Social Security tax withheld from your job, and this is reflected in 2020 form 1040 Schedule SE lines 7-10.
The Medicare tax part of Self-Employment Tax is not capped (and in fact at sufficiently high incomes you have to pay Additional Medicare Tax).

Total income between job and self-employment will exceed Social Security cap

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