Denmark Tax
Labour market income is calculated as taxable employment income less:
any employee pension contributions to a tax approved pension scheme
any employee social security contributions
market tax.
Capital income is generally calculated as the difference between interest earned and interest paid by the employee.
Taxable income is calculated as personal income less any negative capital income and various deductions, including a personal allowance of DKK46,500 (in 2020).
Income tax rates are progressive. In 2020, the rates are:
Labour market income: labour market tax of 8%.