iCalculator™ NM (US)"Informing, Educating, Saving Money and Time in New Mexico"
US Tax 2024

iCalculator™ US: New Mexico Tax Calculators

Welcome to iCalculator™ US, your comprehensive suite of free tax calculators for New Mexico. iCalculator™ has provided free tax calculators for New Mexico since 2014. Since those early days we have extended our resources for New Mexico to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. View all tax calculators and tools in the New Mexico Tax Hub or use the New Mexico Tax Calculator for 2024 (2025 Tax Return).

New Mexico Tax Calculator 2024
*** Please enter your income ***
Advanced New Mexico Salary Calculator 2024
FICA (Federal Insurance Contributions Act):
Itemized Deductions:
Retirement Plan Contributions:
About you:
About your spouse (complete if Married filing Jointly:
Local Taxes and Additional Taxes:
Additional New Mexico State Tax Deductions and Credits:
Additional Federal Tax Deductions and Credits:
Work Time Settings [for fine tune computation of hourly rates etc.]:
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New Mexico Tax Calculator 2024/25

The New Mexico Tax Calculator is for the 2024 tax year which means you can use it for estimating your 2025 tax return in New Mexico, the calculator allows you to calculate income tax and payroll taxes and deductions in New Mexico. This includes calculations for

  1. Employees in New Mexico to calculate their annual salary after tax.
  2. Employers to calculate their cost of employment for their employees in New Mexico.

The New Mexico Tax Calculator for 2024 encompasses a comprehensive suite of features to cater to your tax calculation needs. Key features include detailed calculations for Federal Income Tax based on the latest tax tables and allowances, FICA contributions covering both Social Security and Medicare, and automatic calculations for the Earned Income Tax Credit (EITC). Additionally, it allows for the consideration of retirement plan contributions, including 401(k), 403(b), SARSEP, and 457 plans, as well as SIMPLE plans, with specific limits for 2024. The calculator also supports Schedule A (Form 1040) for Federal Itemized Deductions, local tax calculations, and the inclusion of additional taxes or deductions.

For those seeking a deeper understanding and more detailed information on these features, including how they apply to your individual tax situation, it's recommended to view the comprehensive instructional overview here. This additional resource provides extensive insights into each feature, ensuring you can maximize your tax deductions and credits effectively for the 2024 tax year.

Discover New Mexico, United States

New Mexico, situated in the southwestern region of the United States, is known for its diverse landscapes that include deserts, high plains, and mountains. It shares its northern border with Colorado, eastern border with Oklahoma and Texas, southern border with Texas and the Mexican states of Chihuahua and Sonora, and to the west lies Arizona. This strategic positioning contributes to its unique cultural and economic ties. Learn more about New Mexico's neighbors: Colorado, Oklahoma, Texas, Arizona.

Cultural Aspects

New Mexico is rich in cultural heritage, blending Native American, Hispanic, and Anglo influences. This cultural diversity is reflected in its arts, music, cuisine, and festivals. The state is renowned for its Pueblo-style architecture, vibrant arts scene particularly in Santa Fe and Taos, and the annual Albuquerque International Balloon Fiesta. The blend of cultures contributes to a unique social tapestry that is distinctively New Mexican.

Economic Overview

The economy of New Mexico is diverse, with key sectors including energy production, mineral extraction, agriculture, and technology. The state is one of the largest crude oil and natural gas producers in the country, contributing significantly to its economic output. New Mexico's mineral wealth also includes coal, copper, gold, and silver.

Agriculture plays a vital role in the state's economy, with its arid climate suitable for growing pecans, chile peppers, and onions. Additionally, New Mexico's technological and research sectors are bolstered by the presence of major research institutions like Los Alamos National Laboratory and Sandia National Laboratories, driving innovation and economic growth in areas such as aerospace, renewable energy, and advanced manufacturing. The state's unique landscape also supports a robust tourism industry, attracting visitors to its national parks, cultural landmarks, and historical sites.

Overview of Taxation in New Mexico, United States

The United States tax system encompasses both federal and state-level taxes. This overview focuses on the state tax types and compliance in New Mexico, offering insights into the state's unique tax structure without delving into specific rates.

State Taxes in New Mexico

New Mexico's tax system includes various types of state taxes that affect both individuals and businesses. Understanding these taxes is crucial for compliance and effective financial management.

1. Income Tax

New Mexico levies a personal income tax on its residents. The state employs a progressive tax structure, where tax rates increase with higher income levels. It is important for residents to understand their tax bracket and file accordingly.

2. Gross Receipts Tax (GRT)

One of the distinctive aspects of New Mexico's tax system is the Gross Receipts Tax (GRT). This tax is applied to the sale of goods and services in the state. Unlike a traditional sales tax, GRT is levied on businesses but can affect pricing for consumers.

3. Property Tax

Property tax in New Mexico is administered at the county level. These taxes are based on the assessed value of real and personal property and fund local services like schools, public safety, and infrastructure projects.

4. Corporate Income Tax

Businesses in New Mexico are subject to corporate income tax. This tax is calculated based on the net income of corporations operating within the state. Understanding the rules and rates of corporate income tax is essential for businesses operating in New Mexico.

Compliance and Reporting

Compliance with New Mexico's tax laws involves understanding the filing requirements and deadlines for each type of tax. Timely and accurate filing is essential to avoid penalties. The state offers resources to help individuals and businesses understand their tax obligations and navigate the filing process.