This page contains the tax table information used for the calculation of tax and payroll deductions in New Mexico in 2023. These tax tables are used for the tax and payroll calculators published on iCalculator™ US, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for New Mexico or would like to add to or suggest amendments to the information herein then please contact us.
As you navigate through the tax information for 2023 on this page, it's important to note that New Mexico does not impose its own income tax. Instead, all income tax calculations for the year 2023 are based solely on the Federal Income Tax system. This means that for residents or income earners in New Mexico, their tax obligations and 2025 tax return are determined entirely by the federal tax brackets and rates, without any additional state-level income tax considerations. This unique approach simplifies the tax calculation process, as you only need to refer to the Federal Tax Tables to understand your tax responsibilities for 2024.
As you review the Federal Income Tax tables presented here, it's crucial to understand their heightened significance for taxpayers in New Mexico. Given that the state adheres strictly to the Federal Income Tax system and does not levy its own income tax, these tables are the primary, and indeed only, guide to your income tax calculations for New Mexico in 2024. They provide the necessary brackets and rates that will define your tax obligations. For individuals and businesses in New Mexico, these Federal Tax Tables become the sole reference point for understanding how much tax is due on their income. This alignment with the federal system underscores the importance of being well-informed about federal tax laws and changes, as these directly and exclusively influence your tax responsibilities in New Mexico.
The federal standard deduction for a Single Filer in 2023 is $ 13,850.00.
The federal federal allowance for Over 65 years of age Single Filer in 2023 is $ 1,950.00
| Tax Rate | Taxable Income Threshold | ||
|---|---|---|---|
| 10% | Income from $ 0.000.00 | to | $ 11,000.00 |
| 12% | Income from $ 11,000.01 | to | $ 44,725.00 |
| 22% | Income from $ 44,725.01 | to | $ 95,375.00 |
| 24% | Income from $ 95,375.01 | to | $ 182,100.00 |
| 32% | Income from $ 182,100.01 | to | $ 231,250.00 |
| 35% | Income from $ 231,250.01 | to | $ 578,125.00 |
| 37% | Income from $ 578,125.01 | and above | |
The federal standard deduction for a Married (Joint) Filer in 2023 is $ 27,700.00.
The federal federal allowance for Over 65 years of age Married (Joint) Filer in 2023 is $ 1,550.00
| Tax Rate | Taxable Income Threshold | ||
|---|---|---|---|
| 10% | Income from $ 0.000.00 | to | $ 22,000.00 |
| 12% | Income from $ 22,000.01 | to | $ 89,450.00 |
| 22% | Income from $ 89,450.01 | to | $ 190,750.00 |
| 24% | Income from $ 190,750.01 | to | $ 364,201.00 |
| 32% | Income from $ 364,201.01 | to | $ 462,500.00 |
| 35% | Income from $ 462,500.01 | to | $ 693,750.00 |
| 37% | Income from $ 693,750.01 | and above | |
The federal standard deduction for a Married (separate) Filer in 2023 is $ 13,850.00.
The federal federal allowance for Over 65 years of age Married (separate) Filer in 2023 is $ 1,550.00
| Tax Rate | Taxable Income Threshold | ||
|---|---|---|---|
| 10% | Income from $ 0.000.00 | to | $ 11,000.00 |
| 12% | Income from $ 11,000.01 | to | $ 44,725.00 |
| 22% | Income from $ 44,725.01 | to | $ 95,375.00 |
| 24% | Income from $ 95,375.01 | to | $ 182,100.00 |
| 32% | Income from $ 182,100.01 | to | $ 231,250.00 |
| 35% | Income from $ 231,250.01 | to | $ 346,875.00 |
| 37% | Income from $ 346,875.01 | and above | |
The federal standard deduction for a Head of Household Filer in 2023 is $ 20,800.00.
The federal federal allowance for Over 65 years of age Head of Household Filer in 2023 is $ 1,950.00
| Tax Rate | Taxable Income Threshold | ||
|---|---|---|---|
| 10% | Income from $ 0.000.00 | to | $ 15,700.00 |
| 12% | Income from $ 15,700.01 | to | $ 59,850.00 |
| 22% | Income from $ 59,850.01 | to | $ 93,350.00 |
| 24% | Income from $ 93,350.01 | to | $ 182,100.00 |
| 32% | Income from $ 182,100.01 | to | $ 231,250.00 |
| 35% | Income from $ 231,250.01 | to | $ 578,100.00 |
| 37% | Income from $ 578,100.01 | and above | |
The federal standard deduction for a Widower Filer in 2023 is $ 27,700.00.
The federal federal allowance for Over 65 years of age Widower Filer in 2023 is $ 1,550.00
| Tax Rate | Taxable Income Threshold | ||
|---|---|---|---|
| 10% | Income from $ 0.000.00 | to | $ 22,000.00 |
| 12% | Income from $ 22,000.01 | to | $ 89,450.00 |
| 22% | Income from $ 89,450.01 | to | $ 190,750.00 |
| 24% | Income from $ 190,750.01 | to | $ 364,201.00 |
| 32% | Income from $ 364,201.01 | to | $ 462,500.00 |
| 35% | Income from $ 462,500.01 | to | $ 693,750.00 |
| 37% | Income from $ 693,750.01 | and above | |
Note: you must be between the ages of 25 and 65 to claim EITC in 2023 unless you have 1 or more children.
| Element | Number of Children | |||
|---|---|---|---|---|
| 0 | 1 | 2 | 3 | |
| Credit rate | 7.65% | 34% | 40% | 45% |
| Earned income amount | $ 7,840.00 | $ 11,750.00 | $ 16,510.00 | $ 16,510.00 |
| Maximum credit amount | $ 600.00 | $ 3,995.00 | $ 6,604.00 | $ 7,430.00 |
| Phaseout amount threshold | $ 9,800.00 | $ 21,560.00 | $ 21,560.00 | $ 21,560.00 |
| 7.65% | 15.98% | 21.06% | 21.06% | |
| Element | Number of Children | |||
|---|---|---|---|---|
| 0 | 1 | 2 | 3 | |
| Credit rate | 7.65% | 34% | 40% | 45% |
| Earned income amount | $ 7,840.00 | $ 11,750.00 | $ 16,510.00 | $ 16,510.00 |
| Maximum credit amount | $ 600.00 | $ 3,995.00 | $ 6,604.00 | $ 7,430.00 |
| Phaseout amount threshold | $ 16,370.00 | $ 28,120.00 | $ 28,120.00 | $ 28,120.00 |
| Phaseout rate | 7.65% | 15.98% | 21.06% | 21.06% |
| Social security category | Employee | Employer | Total |
|---|---|---|---|
| Social Security | 6.2% | 6.2% | 12.4% |
| Medicare | 1.45% | 1.45% | 2.9% |
| Additional Medicare | 0.9% | 0% | 0.9% |
| Federal Unemployment Taxes (FUTA) | 0% | 6% | 6% |
| Social security category | Employee | Employer | ||
|---|---|---|---|---|
| Min. | Max. | Min. | Max. | |
| Social Security | n/a | $ 160,200.00 | n/a | $ 160,200.00 |
| Medicare | n/a | n/a | n/a | n/a |
| Additional Medicare | $ 200,000.00 | n/a | n/a | n/a |
| Federal Unemployment Taxes (FUTA) | n/a | n/a | n/a | $ 7,000.00 |
| Retirment Plan type | Standard | Over 50 Catch Up |
|---|---|---|
| 401(k), 403(b), SARSEP, and 457 plans | $ 22,500.00 | $ 7,500.00 |
| SIMPLE plans | $ 15,500.00 | $ 3,500.00 |
The 2023 tax rates and thresholds for both the New Mexico State Tax Tables and Federal Tax Tables are comprehensively integrated into the New Mexico Tax Calculator for 2023. This tool is freely available and is designed to help you accurately estimate your 2024 tax return.
The following tax tables are supported by iCalculator™ US as part of the suite of free tax tools available in the US Tax HUB we provide for New Mexico.
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