This depends a lot on your machine, endmill size etc. I cut beech plywood, which is pretty hard, with 6mm DOC, 6000mm/min and a 6mm endmill, just to see whether I could. There were a few minor problems, but all in all it worked. I would not recommend it though.
In poplar ply I cut 5mm deep in one go, with beech only 3 when using a 3.175mm endmill, 1200mm/min.
Just try what works best. DOC adds the most stress to the tool. There are calculators, but mostly they give you values that are hard to achieve.