Taxes in Panama

Making eighty thousand dollars may sound like a dream job, but how much are you really making after you're hit with taxes. I started out with the before mentioned eighty grand, but in Panama twenty five percent of the total income goes to income taxes. So by multiplying, eighty grand by .25 (the percent in decimal form) then subtracting the product (answer from multiplication problem). I end up with sixty grand. Still I pretty good haul, but then I am hit with a nine percent social security tax. So after multiplying six grand by .09 and subtracting the product from sixty grand I am down to 54,600 as a net pay. I can not find any other taxes.