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How to Calculate 2017 New Mexico State Income Tax by Using State Income Tax Table

1. Find your income exemptions

2. Find your pretax deductions, including 401K, flexible account contributions ...

3. Find your gross income

4. Check the 2017 New Mexico state tax rate and the rules to calculate state income tax

5. Calculate your state income tax step by step

6. If you want to simplify payroll tax calculations, you can download ezPaycheck payroll software, which can calculate federal tax, state tax, Medicare tax, Social Security Tax and other taxes for you automatically. You can try it free for 30 days, with no obligation and no credt card needed.

Learn more about the in house payroll tax solution for New Mexico small businesses here.
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New Mexico State Tax Tables



How to Add a Paycheck
     How to handle New Mexico Payroll
 Important Tax Due Dates>


2018 New Mexico State Tax Witholding Table
2017 New Mexico State Tax Witholding Table
2016 New Mexico State Tax Witholding Table
2015 New Mexico State Tax Witholding Table
2014 New Mexico State Tax Witholding Table
2013 New Mexico State Tax Witholding Table
2012 New Mexico State Tax Witholding Table
2011 New Mexico State Tax Witholding Table
2010 New Mexico State Tax Witholding Table


IRS released the new 2018 tax tables on Jan 11, 2018. Employers should implement the 2018 withholding tables as soon as possible, but not later than February 15, 2018.

Current ezPaycheck software clients and ezAccounting software clients can download the latest version for free to update 2018 tax tables.

Tax rate used in calculating New Mexico state tax for year 2017

State Abbreviation:

NM

State Tax Withholding State Code:

35

Acceptable Exemption Form:

None

Basis For Withholding:

Federal Exemptions

Acceptable Exemption Data:

None

TSP Deferred:

Yes

Special Coding:

None

Additional Information:

A state tax certificate is not required since Federal exemptions are used in the computation of the state formula.


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  • Withholding Formula >(New Mexico Effective 2017)<
    1. Subtract the nontaxable biweekly Thrift Savings Plan contribution from the gross biweekly wages.

    2. Subtract the nontaxable biweekly Federal Health Benefits Plan payment(s) (includes dental and vision insurance program and flexible spending account - health care and dependent care deductions) from the amount computed in step 1.

    3. Add the taxable biweekly fringe benefits (taxable life insurance, etc.) to the amount computed in step 2 to obtain the adjusted gross biweekly wages.

    4. Multiply the adjusted gross biweekly wages times 26 to obtain the gross annual wages.

    5. Determine the exemption allowance by applying the following guideline and subtract this amount from the gross annual wages to compute the taxable income.

      Exemption Allowance =>$4,050< x Number of Exemptions

    6. Apply the taxable income computed in step 5 to the following table to determine the annual New Mexico tax withholding.

    7. Tax Withholding Table
      Single or Head of Household

      If the Amount of
      Taxable Income Is:

      The Amount of New Mexico Tax
      Withholding Should Be:


      Over:

      But Not
      Over:

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      Of Excess
      Over:

      $          0 $>  2,300 $        0 plus 0.0% $         0
           2,300       7,800           0 plus 1.7% >   2,300
           7,800     13,300      93.50 plus 3.2%     7,800
         13,300     18,300    269.50 plus 4.7%   13,250
         18,300 <   and over    504.50 plus 4.9%   18,300 <


      Married

      If the Amount of
      Taxable Income Is:

      The Amount of New Mexico Tax
      Withholding Should Be:


      Over:

      But Not
      Over:

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      Of Excess
      Over:

      $         0 > 8,550 $   0.00 plus 0% $         0
          8,650    16,650      0.00 plus 1.7% >  8,650
        16,650    24,650   136.00 plus 3.2%   16,650
        24,650    32,650   392.00 plus 4.7%   24,650
        32,650 <   and over   768.00 plus 4.9%   32,650 <

    8. Divide the annual New Mexico tax withholding by 26 to obtain the biweekly New Mexico tax withholding.


    More Payroll Information for New Mexico Small Business

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