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New Mexico Form 941: What You Should Know

New Mexico employers are encouraged to use your state's online tax resource to assist them in paying their state and local taxes. New Mexico employers and employees agree that all personal tax matters are solely and exclusively between them. How much do I owe? The New Mexico State Tax Division provides estimates of payment amounts for tax liability calculation purposes. The calculations for the quarter of use date are based on the tax year for which the return is filed. Who is responsible for paying the New Mexico State Tax? You are not required to pay New Mexico State Wage Withholding Taxes — Businesses You are not required to pay to the New Mexico State Tax Department the employee withholding tax from your New Mexico earnings and compensation, the employer's withholding tax from your payroll, or the federal income tax withheld from the payment of wages in New Mexico. You should direct all tax questions to New Mexico Taxation. Payment of any tax owing to New Mexico may be made by the employer or by the employee (as the case may be). Who is responsible for paying the New Mexico State Tax? You are not required to pay to the New Mexico State Tax Department the employee withholding tax from your New Mexico earnings and compensation, the employer's withholding tax from your payroll, or the federal income tax withheld from the payment of wages in New Mexico. Payment of any tax owing to New Mexico may be made by the employer or by the employee (as the case may be). How much do I owe? The total amount of withholding taxes withheld from your paycheck each pay period to pay State with withholding taxes must equal the minimum wage rate set forth in § 1.3(a) of the New Mexico Wage Withholding Tax : Taxpayers​ You have a choice: Pay the minimum wage rate or no withholding tax. You are required to withhold some taxes, whether because the New Mexico minimum wage rate or your state minimum wage rate differs from the federal minimum wage rate. The minimum wage rate for the state of New Mexico is 10.10 (NASA 1978 Section 24-2c). Minimum wage rate for the federal rate is 7.25 (NASA 1978 Section 24-2g(a)). The United States Tax Court recently ruled that employers who do not designate the state minimum wage rates will have to treat New Mexico minimum wage rate as the minimum wage for their employees. A full explanation of the Federal courts decision is contained in this Fact Sheet.

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