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IRS W-2 2023 Albuquerque New Mexico: What You Should Know
New Mexico Tax Rates & Rates for Estates New Mexico has three tax rates depending on if you live in New Mexico, have income that is only taxed at the State or Federal level, or are married and file as a joint return. Single New Mexico 35.60 3 0 Married New Mexico & Dependent Children 12 40.10 5 0 Married New Mexico & Dependent Children 25 46.12 6 1.40 Married & New Mexico Dividing Spouses 3 % Tax Changes for 2017, 2023 and 2019 Starting January 1, 2017, new taxes to individuals, married couples who file as a couple or as individual taxpayers. These changes apply to tax rates and the filing date is April 18. New tax for 2017; New tax for 2018; New tax for 2019; New tax for 2020; (Effective January 1, 2018; July 1, 2017; January 1, 2018; July 1, 2019; July 1, 2020, and July 1, 2021) Individual (Single) New Mexico: Effective April 18, 2017, New Mexico State income tax (taxable at the same rate as the State income tax of New Mexico) of up to 4,000.00 for 2017. The tax rate is adjusted with the rate of the state's consumer price index for all Urban Consumers. In addition, it does not apply to federal income tax and sales tax. In addition, individuals who do not itemize deductions will receive a standard deduction equal to the New Mexico single tax rate. In addition, the standard deduction for New Mexico taxpayers is reduced by 1,000 for a joint return. Business (MFA) New Mexico (effective July 1, 2017): Effective July 1, 2017, New Mexico State income tax with a tax rate of 6% to 5%. The rate is increased with the rate of the state's consumer price index (CPI-U) for all Urban Consumers; however, New Mexico does not have credit for medical expenses; nor does it provide credit for certain dependents. The tax rate for MFS is increased by the 3% to 5% tax rates in effect on July 1, 2017.
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