New Mexico Form 1040 Tax Table 2023-2024

New Mexico Form 1040 Tax Table: What You Should Know

New Mexico tax tables — New Mexico state withholding 2018 Withholding Formula >(New Mexico Effective 2018)< ; 35,500, 42,500, 238.20, plus, 3.2% ; 42,500, 55,500, 405.60, plus, 4.7% ; 55,500 >, and over, 967.20, plus, 4.9  New Mexico tax tables — New Mexico state withholding 2017 Withholding Formula >(New Mexico Effective 2017)< ; 12,300, 33,000, 134.60, plus, 3.2% ; 33,000, 50,000, 472.00, plus, 4.7% ; 50,000 <, and over, 1,000.00, plus, 4.9  New Mexico tax tables — New Mexico income tax calculation and withholding calculator New Mexico Tax Rates 2017; 10% on all other income The New Mexico state personal income tax rate is 10%. If you live in New Mexico and work in another state, you pay the lower rate if you earn less than 12,300 from income. If you are a single taxpayer, you pay 10% on your adjusted gross income that is over the 12,300 thresholds and less than 20,000, and 11.70% on income less than 20,000. A higher-income New Mexico taxpayer (defined below) would pay more if he or she's a sole proprietor, married filing separately, or filing a joint return. Single and Married Filing Separately. New Mexico has no income tax or corporate income tax. If you are a single taxpayer or married filing separately, New Mexico provides no tax filing requirements and no penalties for either of these taxpayers. But, if you are in the business of receiving or transmitting the mail or performing any financial services as an agent for someone other than yourself — or you own, maintain, use or receive taxable interest, real or personal property, or contracts — then you must report and pay any tax imposed in New Mexico. In addition, if you are in the business of receiving or transmitting the mail, performing legal services or providing tax preparation services, you must report and pay certain state income taxes. More information and exemptions are given to all of these tax-exempt or tax-deferred taxpayers in our Publication 4. Married Filing Jointly.

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