New Mexico Income Tax Calculator
Estimate your New Mexico income tax burden
Updated for 2024 tax year on Dec 19, 2024
Calculate your income tax in these states
How to calculate your New Mexico income taxes
Table of Contents
Understanding your New Mexico income taxes
New Mexico’s income tax system consists of five tax brackets, ranging from 1.7% to 5.9%. The tax rate applied depends on income level and filing status.
There is no state payroll tax in New Mexico. However, employers are responsible for federal payroll taxes.
As of the latest data, New Mexico uses federal guidelines for determining the standard deduction. This amount can vary yearly based on inflation. The state also allows for personal exemptions, which can further lower your tax burden.
Calculate your income tax in New Mexico
- Work out your total federal income tax
- Gross income adjusted
Gross income − Pre-tax deductions = Gross income adjusted - Federal taxable income
Gross income adjusted − Federal standard/itemized deductions = Federal taxable income - Federal income tax liability
Federal taxable income × Federal income tax rate = Federal income tax liability - Federal payroll tax liability
Gross income × Federal payroll tax rate = Federal payroll tax liability
- Gross income adjusted
- Calculate your total New Mexico state income tax
- New Mexico state taxable income
Gross income adjusted − (New Mexico state standard/itemized deductions + New Mexico state exemptions) = New Mexico state taxable income - New Mexico state income tax liability
New Mexico state taxable income × New Mexico state income tax rate = New Mexico state income tax liability
- New Mexico state taxable income
- Add up all the taxes
Federal income tax liability + Federal payroll tax liability + New Mexico state income tax liability = Your total income tax liability
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 |
|---|---|---|---|
| 2024 2023 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 |
|---|---|---|
| 2024 | Single Married, Filing Separately |
$14,600 |
| Married, Filing Jointly | $29,200 | |
| Head of Household | $21,900 | |
| 2023 | Single Married, Filing Separately |
$13,850 |
| Married, Filing Jointly | $27,700 | |
| Head of Household | $20,800 | |
| 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 |
|---|---|---|
| 2024 2023 2022 2021 |
Dependent(s) | $4,000 |
| 2020 | Dependent(s) | $4,050 |
FAQs
How to calculate income tax in New Mexico?
Follow the steps below to calculate your total income tax in New Mexico:
- Work out your total federal income tax
- Calculate your total New Mexico state income tax
- Sum up all the taxes
How much income tax do I pay in New Mexico?
For the 2024 tax year, New Mexico's state income tax ranges from 1.7% to 5.9%.