New Mexico Income Tax Calculator (2024)

Estimate your take-home pay and all taxes in New Mexico for 2024!
Our New Mexico Income Tax Calculator provides a fast, accurate breakdown of your federal, NM state, and FICA taxes, including deductions, dependents, and pay frequency. Instantly see your annual and per-paycheck results, interactive charts, and a transparent calculation process.
This tool gives you clarity on your net pay and tax obligations. Updated for 2024 brackets and rules.

New Mexico Income Tax Calculator

Calculating for Tax Year 2024
Disclaimer: This is a basic estimate for Tax Year 2024 for informational purposes ONLY. It uses standard deductions or your itemized estimate and limited filing statuses. It does not account for all credits or complexities and is not tax advice. Visit the official New Mexico Taxation and Revenue Department.

Understanding New Mexico Taxes (2024)

Calculating your New Mexico taxes involves understanding the state's progressive tax system, federal obligations, and FICA contributions. This calculator helps you estimate your take-home pay by considering these key components.

New Mexico State Income Tax

New Mexico has a progressive income tax system with five tax brackets for 2024, ranging from 1.7% to 5.9% depending on your income.

  • Tax Brackets: New Mexico has five tax brackets with rates of 1.7%, 3.2%, 4.7%, 4.9%, and 5.9%.
  • Taxable Income: New Mexico's starting point is your federal adjusted gross income (AGI) with New Mexico-specific adjustments.
  • Standard Deduction: New Mexico follows the federal standard deduction amounts: $14,100 for Single and Married Filing Separately, $28,200 for Married Filing Jointly, $21,150 for Head of Household (2024).
  • Dependent Credits: New Mexico offers a credit of $75 per dependent, which directly reduces your tax liability.
  • Tax Credits: New Mexico offers various credits including the working families tax credit and low-income comprehensive tax rebate, which this calculator does not account for.

Local Taxes

New Mexico does not have local income taxes. The state income tax is the only income tax that New Mexico residents pay to the state.

Federal Income Tax

Federal income tax is based on federal tax brackets, your filing status, deductions (standard or itemized), and allowances claimed on your W-4. Pre-tax deductions like 401(k) or HSA contributions reduce your federal taxable income.

FICA Taxes (Social Security & Medicare)

FICA taxes fund Social Security and Medicare. These are typically withheld by employers.

  • Social Security: 6.2% on income up to the annual limit ($168,600 for 2024).
  • Medicare: 1.45% on all income. An additional 0.9% Medicare tax applies to income above certain thresholds ($200,000 for Single, $250,000 for MFJ).

Other New Mexico Taxes (Not Calculated Here)

While this calculator focuses on income taxes, be aware of other taxes in New Mexico:

  • Gross Receipts Tax: New Mexico has a statewide gross receipts tax (similar to sales tax) of 5.125%, with additional local taxes that can push the total rate to over 9% in some areas.
  • Property Tax: Property taxes in New Mexico are among the lowest in the nation, with rates varying by county and municipality.
  • No Estate/Inheritance Tax: New Mexico does not have estate or inheritance taxes.

Disclaimer: This information is for general guidance for the 2024 tax year and is not tax advice. Consult a tax professional for personalized advice.