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New Mexico has state income tax withholding. Rates changed in 2005 (and in 13 of the past 15 years).
Payroll withholding amounts are calculated from two 'step' tables that are similar to the federal tax tables.
For more about Goldenseal payroll accounting software, click here.
For more about US Federal withholding, click here.
HINT-- Turtle Creek Software provides free annual updates for
US federal and New Mexico tax withholding rates. For instructions on importing them into the Goldenseal
payroll software, click here.
New Mexico Withholding Instructions
To enter withholding information for an employee, follow these steps:
- Choose Employees from the Accounts menu.
- Locate the employee record.
- Enter the employee's marital status into the Marital Status field (see note below).
- Enter the number of federal
dependents into the Federal Exemptions field.
- Enter the number of New Mexico dependents into
the State Exemptions field.
New Mexico Unemployment Tax Instructions
New Mexico state unemployment tax uses a variable rate, depending on your past hiring and layoff
history. The tax applies to the first $17,200 in wages for each employee (2005 cutoff amount). Employer withholding
rates for SUTA range between .05% and 5.4% depending on experience rating.
To enter your New Mexico SUTA tax rate into the Goldenseal payroll software, follow these steps:
- Choose Payroll Setup from the Costs menu,
and choose Tax Items from the submenu.
- You'll see a list of Tax Items. Locate the New Mexico SUTA tax in
the list, and double-click on it. HINT: If you don't see New Mexican SUTA in the list, you'll
need to import your state's payroll info first.
- Enter the percentage rate that you pay into the percentage field to the right of Calculation
method.
- If the cutoff amount has changed, enter it into the dollar field to the right of First Adjustment.
Marital Status
Enter the marital status of each employee account into their Marital Status popup field:
- Single- single employee with one personal exemption
- Married- married employee with two personal exemptions
- Dual Income- married employee with one personal
exemption
- Head of House- employee claims Head of Family status
- Other- not used
Contacts
Payroll Tax Office-- 505 476-3683
Forms-- 505 827-0700
SUTA-- 505 841-8576
New Mexico Taxation & Revenue Dept
1200 S. St. Francis Dr.
PO Box 5374
Santa Fe, NM 87502-5374
Website: www.state.nm.us/tax
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