18 January 2018 New Mexico 2018 income tax withholding percentage method tables are unchanged from 2017, 2017 Form W-2 filing not generally required The New Mexico Taxation and Revenue Department has released the 2018 wage-bracket and percentage method tables for state income tax withholding. (Publication FYI-104, New Mexico Withholding Tax Effective January 1, 2018.) The annual percentage method, which is unchanged from 2017, is below. 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. 2017 Form W-2 filing not generally required 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, 2018. (Publication FYI-330, posted December 2017.) The Department will not follow the federal accelerated January 31 due date for calendar year 2017 Forms W-2. New Mexico 2018 revised income tax withholding percentage method Effective January 1, 2018 (unchanged from 2017) New Mexico Single person (Including head of household) Effective January 1, 2018 | | | If the amount of wages less adjustments is: | The amount of tax withheld shall be: | Over | But not over | Withholding + percent | Of excess over | $ -0- | $ 2,300.00 | $ 0.00 + 0.00% | $ -0- | $ 2,300.00 | $ 7,800.00 | $ 0.00 + 1.70% | $ 2,300.00 | $ 7,800.00 | $ 13,300.00 | $ 93.50 + 3.20% | $ 7,800.00 | $ 13,300.00 | $ 18,300.00 | $ 269.50 + 4.70% | $ 13,300.00 | $ 18,300.00 | $ 28,300.00 | $ 504.50 + 4.90% | $ 18,300.00 | $ 28,300.00 | $ 44,300.00 | $ 994.50 + 4.90% | $ 28,300.00 | $ 44,300.00 | $ 67,300.00 | $ 1,778.50 + 4.90% | $ 44,300.00 | $ 67,300.00 | And over | $ 2,905.50 + 4.90% | $ 67,300.00 |
The annual exemption amount is $4,050 per allowance. New Mexico Married persons Effective January 1, 2018 | | | If the amount of wages less adjustments is: | The amount of tax withheld shall be: | Over | But not over | Withholding + percent | Of excess over | $ -0- | $ 8,650.00 | $ 0.00 + 0.00% | $ -0- | $ 8,650.00 | $ 16,650.00 | $ 0.00 + 1.70% | $ 8,650.00 | $ 16,650.00 | $ 24,650.00 | $ 136.00 + 3.20% | $ 16,650.00 | $ 24,650.00 | $ 32,650.00 | $ 392.00 + 4.70% | $ 24,650.00 | $ 32,650.00 | $ 48,650.00 | $ 768.00 + 4.90% | $ 32,650.00 | $ 48,650.00 | $ 72,650.00 | $ 1,552.00 + 4.90% | $ 48,650.00 | $ 72,650.00 | $108,650.00 | $ 2,728.00 + 4.90% | $ 72,650.00 | $ 108,650.00 | And over | $ 4,492.00 + 4.90% | $ 108,650.00 |
The annual exemption amount is $4,050 per allowance. Contact Information
For additional information concerning this Alert, please contact:
| Workforce Advisory Services — Employment Tax Advisory | | • Debera Salam | (713) 750-1591 | | • Kristie Lowery | (704) 331-1884 | | • Kenneth Hausser | (732) 516-4558 | | • Debbie Spyker | (720) 931-4321 |
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ATTACHMENT Document ID: 2018-0127 |
