USA State Taxes
NEW MEXICO (NM)
STATE INCOME TAX (SIT)
| Description | Amount | Effective Date | Website | Deposit Method / Frequency / Threshold | Forms |
|---|---|---|---|---|---|
| Wage Withholding | Tables |
Taxation and Revenue - Wage Withholding Information and Tax Rates
|
Accelerated Monthly Agency refers to as "Special Payment Method." $25,000 or more in average monthly tax liability. Monthly - Check - Combined average more than $200/mth Quarterly - Check - Combined average less than $200/mth ($600/quarter) Semi-Annual - Check - Combined taxes due less than $1200 fro semi-annual or $200/mth. Due on or before 25th of month following the close of report period.
File and Pay at NM Taxpayer Access Point (TAP) |
See Combined Report System (CRS forms) CRS-1 Filer's Kit form for each year. CRS-1
Use Federal W-4 |
|
| Supplemental Wage / Bonus Rate | 5.9% |
| Notes: | A CRS-1 Form must be filed whether or not any tax is due. If no tax is due, file a “zero” report. No reciprocal agreement between states. |
STATE UNEMPLOYMENT INSURANCE (SUI)
| Description | Amount | Effective Date | Website | Deposit Method / Frequency / Threshold | Forms |
|---|---|---|---|---|---|
| Maximum Taxable Earnings | $31,700 | Increased from $30,100 in 2023 |
Department of Workforce Solutions (NMDWS)
|
Quarterly - EFT
File electronic report at |
Quarterly Wage Report - ES-903A |
| Employee Deduction | None | ||||
| Employer Tax Rate | 0.33% - 6.4% | Changed from 2023 | |||
| New Employment Rate - Standard | Greater of: 1.0% or Industry Average | Unchanged from 2023 | |||
| Voluntary Contribution Permitted | No |
WORKERS' COMPENSATION ADMINISTRATION FEE
| Description | Amount | Effective Date | Website | Deposit Method / Frequency / Threshold | Forms |
|---|---|---|---|---|---|
| Employee Assessment (Per calendar quarter) | $2.00 | Workers' Compensation | Quarterly |
WC-1 Employer's Quarterly Wage & Contribution Report - ES903A (See SUI) |
|
| Employer Assessment (For each covered employee, per calendar quarter) | $2.30 |
NEW HIRE REPORTING
| Website | Frequency / Method | Forms |
|---|---|---|
| New Hire |
Same as federal requirements.
|
WEBSITES
Disclaimer: This information is for reference only. To ensure accurate set up, we highly recommend that the information is verified with the applicable federal and state/provincial agencies. TimeTrex makes no claims, guarantees, or promises about the accuracy, current status, or completeness of the information provided. In no event shall TimeTrex be liable for any errors or omissions with respect to any resource information.
Last updated Jan 2024