New Mexico Paycheck Calculator

Calculate your take home pay after federal & New Mexico taxes

Last updated on Jul 19 2021

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New Mexico state income tax

New Mexico has a population of over 2 million (2019) and oil drilling, mineral extraction, tourism, and federal government spending are drivers of the state economy. The median household income is $46,744 (2017).

Brief summary:

  • the income tax rate ranges from 1.7% to 5.9%
  • no state-level payroll tax
  • has standard deductions and exemptions
  • has a Earned Income Tax Credit (EITC)
New Mexico United States

New Mexico fiscal year starts from July 01 the year before to June 30 the current year. So the fiscal year 2021 will start from July 01 2020 to June 30 2021.

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

  1. figure out your filing status
  2. work out your adjusted gross income [Total annual income – Adjustments = Adjusted gross income]
  3. calculate your taxable income [Adjusted gross income – (Post-tax deductions + Exemptions) = Taxable income]
  4. understand your tax liability [Taxable income × Tax rate = Tax liability]
  5. determine whether your tax liability is more than your tax credits and withheld
    • Tax liability – (Credits + Withheld) = What you owe or
    • (Credits + Withheld) – Tax liability = Tax refunds

State payroll tax

There is no state-level payroll tax.

Income tax brackets

Each filer type has different progressive tax rates. Refer to Tax Foundation for more details.

Fiscal year Filing status Taxable income Rate
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%

Deductions

Fiscal year Filing status Standard deduction amount
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

Exemptions

There is state-level exemptions for all type of filers and dependents. Refer to Tax Foundation for more details.

Fiscal year Filing status Personal exemption amount
2021 Dependent(s) $4,000
2020 Dependent(s) $4,050

Earned Income Tax Credit (EITC)

Fiscal year Percentage of Federal EITC Refundable
2021
2020
17% Yes

Child Tax Credit (CTC)

There is no state-level CTC.

FAQs

What taxes do New Mexican pay?

On top of the federal income tax, New Mexico's income tax rate ranges from 1.7% to 5.9%. There is no state-level payroll tax.

How much do you make after taxes in New Mexico?

A single filer will take home $38,060.95 if he earns an annual wage of $47,000.
The take home pay of a married couple with a combined income of $94,000 is $75,970.90.