New Mexico Income Tax Calculator
Calculate your federal & New Mexico income taxes
Updated for 2023 tax year on Jan 01, 2023
Income tax calculators by state
New Mexico income tax calculation
The Land of Enchantment has a comparatively poor economy with federal government spending making up one quarter of its GDP. Oil and gas production is also a big driver of the state economy. The median household income is $53,463 (2021).
Brief summary of New Mexico state income tax:
- state income tax rate ranges from 1.7% to 5.9%
- no state-level payroll tax
- has state-level standard deduction and exemptions
From Wikipedia
Calculating your New Mexico state income tax is similar to the steps we listed on our Federal income tax calculator:
- Determine your filing status
- Work out your adjusted gross income [Gross income − Retirement contributions = Adjusted gross income]
- Calculate your state taxable income [Adjusted gross income − (Standard/Itemized deductions + Exemptions) = State taxable income]
- Figure out your state/local tax liability [State taxable income × State tax rate = State tax liability]
State payroll tax
There is no state-level payroll tax.
State income tax brackets
Each filer type has different progressive tax rates. Refer to Tax Foundation for more details.
| Tax year | Filing status | Taxable income | Rate |
|---|---|---|---|
| 2022 2021 |
Single | $0 – $5,500 | 1.70% |
| $5,500 – $11,000 | 3.20% | ||
| $11,000 – $16,000 | 4.70% | ||
| $16,000 – $210,000 | 4.90% | ||
| $210,000+ | 5.90% | ||
| Married, Filing Jointly or Widow(er) Head of Household |
$0 – $8,000 | 1.70% | |
| $8,000 – $16,000 | 3.20% | ||
| $16,000 – $24,000 | 4.70% | ||
| $24,000 – $315,000 | 4.90% | ||
| $315,000+ | 5.90% | ||
| Married, Filing Separately | $0 – $4,000 | 1.70% | |
| $4,000 – $8,000 | 3.20% | ||
| $8,000 – $12,000 | 4.70% | ||
| $12,000 – $157,500 | 4.90% | ||
| $157,500+ | 5.90% | ||
| 2020 | Single | $0 – $5,500 | 1.70% |
| $5,500 – $11,000 | 3.20% | ||
| $11,000 – $16,000 | 4.70% | ||
| $16,000+ | 4.90% | ||
| Married, Filing Jointly or Widow(er) Head of Household |
$0 – $8,000 | 1.70% | |
| $8,000 – $16,000 | 3.20% | ||
| $16,000 – $24,000 | 4.70% | ||
| $24,000+ | 4.90% | ||
| Married, Filing Separately | $0 – $4,000 | 1.70% | |
| $4,000 – $8,000 | 3.20% | ||
| $8,000 – $12,000 | 4.70% | ||
| $12,000+ | 4.90% |
State standard deduction
| Tax year | Filing status | Standard deduction amount |
|---|---|---|
| 2022 | Single Married, Filing Separately |
$12,950 |
| Married, Filing Jointly | $25,900 | |
| Head of Household | $19,400 | |
| 2021 | Single Married, Filing Separately |
$12,550 |
| Married, Filing Jointly | $25,100 | |
| Head of Household | $18,800 | |
| 2020 | Single Married, Filing Separately |
$12,200 |
| Married, Filing Jointly | $24,400 | |
| Head of Household | $18,350 |
State exemptions
There is state-level exemptions for all type of filers and dependents. Refer to Tax Foundation for more details.
| Tax year | Filing status | Personal exemption amount |
|---|---|---|
| 2022 2021 |
Dependent(s) | $4,000 |
| 2020 | Dependent(s) | $4,050 |
FAQs
How do I calculate my New Mexico income tax?
Calculate your New Mexico state income tax with the following six steps.
- Determine your filing status
- Gross income − Retirement contributions = Adjusted gross income
- Adjusted gross income − (Standard/Itemized deductions + Exemptions) = State taxable income
- State taxable income × State tax rate = State tax liability
How much is $47000 a year after taxes in New Mexico?
A New Mexican will take home $38,135.05 with a $8,864.95 income tax.