iCalculator™ PA Panama Social Security Calculator for 2024
This calculator for Panama is part of our payroll calculators suite which support salary and income tax calculations in Panama. With this Social Security Calculator, you can calculate the associated contributions due for Social Security in Panama based on your annual income in the 2024 tax year, this includes, where appropriate, employee and employer contribitions.
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Social Security in Panama
Social Security is subject to annual review in Panama and rates and thresholds can change from year to year. The table below defines the associated tax years and tax rates that are integrated into the Panama Income Tax calculators on iCalculator™ PA. Note that the rates for Employers and Employee Contributions shown are the sum off all associated social security rates, this is not the same as the actual rate of social security paid as each element may be subject to minimum earnings thresholds and/or maximum earnings thresholds. These elements are factored in within this Social Security Calculator and the exact rates and thresholds can be viewed in the latest Tax Tables for Panama:
Panama Current and Historic Social Security Rates for Social Security| Tax Year | Employee Rate | Employer Rate | Combined Rate |
|---|
| 2024 | 11% | 21.34% | 32.34% |
| 2023 | 11% | 21.34% | 32.34% |
| 2022 | 11% | 21.34% | 32.34% |
| 2021 | 11% | 21.34% | 32.34% |
| 2020 | 11% | 21.34% | 32.34% |
| 2019 | 11% | 21.34% | 32.34% |
If you believe any of these rates are incorrect or you would like additional tax years adding to the Panama tax suite then please contact us. All updates and amendments are complementary, we appreciate the support from our community with providing up to date free tax tools for Panama. Note that you can view all tax years for Panama supported by iCalculator™ PA here, this includes all payroll associated taxes and deductions that are applied in Panama.