22 December 2016 New Mexico 2017 income tax withholding tables released — 2016 Form W-2 filing not generally required The New Mexico Taxation and Revenue Department has released the 2017 wage-bracket and percentage method tables for state income tax withholding (see Attachment). (Publication FYI-104, New Mexico Withholding Tax Effective January 1, 2017.) If the federal withholding is calculated using a flat percent, a flat 4.9% of the supplemental wage or fringe benefit amount should be withheld for New Mexico state income tax withholding purposes. The same method used for calculating federal withholding on irregular or supplemental wages should be used for state withholding. An employer that uses the cumulative method of withholding for federal withholding may use this same method for state withholding. In the case of a married employee who has elected to be withheld at the higher single rate for federal purposes, the single rate for New Mexico state withholding purposes must also be used. An employer who is required to file unemployment insurance Form ES-903A, Quarterly Wage and Contribution Report, to the New Mexico Department of Workforce Solutions, or Form TRD-31109, Quarterly Wage, Income, Withholding and Workers' Compensation Fee Report, to the Taxation and Revenue Department is not required to submit Forms W-2 to the Department. If not required to file Form ES-903A or TRD-31109, employers filing 50 or more Forms W-2 must submit the information magnetically to the Department by February 28, 2017. (Publication FYI-330, Income and withholding information returns and filing methods 2016, rev. December 2016.) The Department will not follow the federal accelerated January 31 due date for calendar year 2016 Forms W-2.
Document ID: 2016-2204 | ||||||||||||||||||||
