New Mexico Income Tax Calculator

Calculate your federal & New Mexico income taxes

Updated for 2023 tax year on Jan 01, 2023

What was updated? 2023 federal FICA, income tax rates & standard deduction
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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
New Mexico United States

From Wikipedia

Calculating your New Mexico state income tax is similar to the steps we listed on our Federal income tax calculator:

  1. Determine your filing status
  2. Work out your adjusted gross income [Gross income − Retirement contributions = Adjusted gross income]
  3. Calculate your state taxable income [Adjusted gross income − (Standard/Itemized deductions + Exemptions) = State taxable income]
  4. 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.

  1. Determine your filing status
  2. Gross income − Retirement contributions = Adjusted gross income
  3. Adjusted gross income − (Standard/Itemized deductions + Exemptions) = State taxable income
  4. 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.